PETALING JAYA: The revival of the Bandar Malaysia project has come as good news to the Chinese Embassy.
The embassy said that Bandar Malaysia would further boost Kuala Lumpur's development and spur Malaysia's economy and benefit the people.
"We expect all parties concerned will continue to cooperate sincerely and make this project a good one," it said in a statement on Friday (April 19).
Earlier, Prime Minister Tun Dr Mahathir Mohamad announced the revival of Bandar Malaysia with some changes.
The project, which was previously put on hold, would differ from the original plan.
It will now include 10,000 affordable housing units, a people’s park, bumiputra participation throughout the project, and priority for the use of local content and materials.
The project was announced under the administration of former prime minister Datuk Seri Najib Razak in 2011 and had an estimated cumulative gross development value of RM200bil.
The 200ha integrated property development project was previously linked to the controversial 1Malaysia Development Bhd (1MDB) and was supposed to host the terminus of High-Speed Rail that would connect Kuala Lumpur and Singapore.
In December 2015, the Finance Ministry sold off a 60% stake in Bandar Malaysia to a consortium consisting of Iskandar Waterfront Holdings Bhd and China Railway Engineering Corp Sdn Bhd to be the project's master developer.
In May 2017, however, the government called off the deal to sell the stake to the consortium over the failure of purchasing parties to fulfil payment obligations.
Dr M announces revival of Bandar Malaysia project (updated)