1MDB RE: Bandar Malaysia deal by year-end

PETALING JAYA: 1MDB Real Estate Sdn Bhd (1MDB RE) expects to execute the definitive agreement with a partner for the development of Bandar Malaysia project by the end of the year.

It had shortlisted two potential candidates for the sale of a 60% stake in Bandar Malaysia Sdn Bhd.

“Overall, the transaction is making good progress and we expect to execute definitive transaction documents before the end of the year, with the chosen development partner,” chief executive officer Datuk Azmar Talib told StarBiz via an email.

He said 1MDB RE is evaluating the proposals submitted by the two shortlisted bidders.

“As negotiations are ongoing, it is not appropriate for us to comment further on this matter. An announcement will be made in due course,” he added.

1MDB RE is the master developer of Bandar Malaysia, a 486 acres project located at the old airport site in Sungai Besi.

The company did not disclose the identities of the bidders, but it is believed that the highest bid came from Tan Sri Lim Kang Hoo’s Iskandar Waterfront Holdings Bhd in partnership with China Railway Construction Corp Ltd. The other candidate was a large government-backed investment fund.

StarBiz had reported that a third candidate, comprising a local company backed by Qatar government’s investment arm, had expressed strong interest in the project.

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