PETALING JAYA: The Government will transfer ownership of the prized land in Sungai Besi, currently the base for the Royal Malaysian Air Force, to 1Malaysia Development Bhd to be developed into a multi-billion ringgit commercial project, akin to an “urban renewal project,” said a source.
“It will basically be a left hand, right hand transfer. The Government has entrusted the land to 1MDB, which is a wholly-owned government agency, which will then be responsible for unlocking the value and maximing returns from the land.
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