KUALA LUMPUR, Oct 26, 2015:
City Hall has granted planning approval for the proposed Bandar Malaysia project to redevelop the former Sg Besi airbase.
In a statement, project developer 1MDB Real Estate Sdn Bhd said the “approval-in-principle” was granted based on Bandar Malaysia’s masterplan for a mixed-used development with an average gross plot ratio of 4.05, across the entire 486 acre site.
Located about 7km from KL City Centre, Bandar Malaysia will serve as the capital city’s gateway for the high speed rail-line (HSR) to Singapore and become a central transport hub in the city via MRT line 2, KTM and ERL.
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.
“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.
He said Bandar Malaysia is currently undergoing commercialisation process that is part of 1MDB’s rationalisation plan.
“We have previously shortlisted four bidders, comprising reputable domestic and international property specialists, who are currently conducting detailed due diligence to become development partners in Bandar Malaysia.
“We are confident to receive final and binding proposals within the next two weeks, select preferred bidders and execute definitive documentation, before the end of the year.”