PETALING JAYA: 1MDB Real Estate Sdn Bhd (1MDB RE) has received the planning approval for its Bandar Malaysia development in Sungai Besi from Dewan Bandaraya Kuala Lumpur.
In a statement, the property developer said the “approval-in-principle”, granted based on Bandar Malaysia’s masterplan, was for a mixed-used development with an average gross plot ratio of 4.05, across the entire 486-acre site.
“With this planning approval, the value proposition of Bandar Malaysia is now clear and we are another step closer to realising our vision of making Bandar Malaysia the country’s leading transit-oriented development,” said 1MDB RE chief executive officer Datuk Azmar Talib.
Having previously shortlisted four bidders, 1MDB RE, the master developer of Bandar Malaysia, said reputable domestic and international property specialists were conducting detailed due diligence to become development partners in the project.
“We are confident of receiving final and binding proposals within the next two weeks, selecting preferred bidders and executing definitive documentation before the end of the year,” Azmar said.
Strategically located about 7km from the Kuala Lumpur city centre, Bandar Malaysia will serve as Kuala Lumpur’s gateway for the high-speed rail to Singapore.
There are also advanced plans by the Government to improve and provide new highway connections from the city centre to the south that will seamlessly link Bandar Malaysia to other areas within Greater KL.
Bandar Malaysia will be a mixed-use urban development that is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur.
The masterplan for the 486-acre development include plans for creating quality city living, establishing a global business and creative enterprise hub, and becoming a retail, lifestyle and tourism destination.
Currently undergoing commercialisation process, Bandar Malaysia is part of the rationalisation plan to revive the financial position of the highly indebted and cash-strapped state investment fund 1Malaysia Development Bhd (1MDB), the holding company of 1MDB RE.