Bandar Malaysia is a massive property development in Kuala Lumpur that’s supposed to set the stage for Malaysia’s economic comeback. Although the KL property has great vision, its developers continue to be in pandemonium.
The highly anticipated Kuala Lumpur property is located at Sungai Besi holding 486 acres of land. This massive project that will be built phase by phase throughout 25 years aims to be transit-oriented and globally competent. Plans include lifestyle malls, Kuala Lumpur homes, and a “Creative Enterprise Hub” that’s meant for knowledge-based industries. There will also be several luxury KL condos for sale.
One major focus of the KL property development is to provide affordable KL real estate without sacrificing quality. Since plans also include two high speed railways connecting Kuala Lumpur and Singapore, Bandar Malaysia will be a prime area for KL homes. Furthermore, Star Online reports that it could be Malaysia’s “catalyst for future economic growth”.
Iskandar Waterfront Holdings (IWH) and China Railway Engineering Corp (CREC) initially won the bid to be the master developers of Bandar in 2015, buying 60% of the stakes. The 40% was left to the government-owned 1Malaysia Development Berhad. This partnership was deemed vital due to 1MDB being neck-deep in debt and because of the many alleged scandals of company.
On May 3, 2017, the Malaysian government announced the cancellation of the partnership with IWH-CREC without warning. It was reportedly due to payment violations of the joint venture company. According to a report by Straits times, the Malaysian government said they signed the companies off because “despite repeated extensions being granted, IWH-CREC failed to meet the payment obligations outlined in the Conditions Precedent”.
Investors feared a halt in Chinese-Malaysian investments when the deal collapsed last week but all is not lost. Global construction reports that Wang Jianlin, China’s richest man, is now in talks with the Malaysian government to acquire the rights to be the master developer and it seems that Bandar Malaysia still has a bright future ahead of it.
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