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Author: savemalaysia   |   Latest post: Fri, 24 May 2019, 6:17 PM

 

Putrajaya revives Bandar Malaysia, IWH-CREC ups advance payment by RM500m

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KUALA LUMPUR (April 19): The Prime Minister's Office (PMO) says today the government has decided to reinstate the Bandar Malaysia project, which was abruptly terminated in May 2017, because the project will have a significant impact on Malaysia's economy.

The PMO said in a statement today the joint venture to take up 60% of Bandar Malaysia Sdn Bhd was awarded to a consortium, IWH-CREC Sdn Bhd. The PMO said the government welcomes the commitment by IWH-CREC to make an advance payment of RM500 million in addition to the original deposit sum of RM741 million. It said the RM500 million is to be paid within 60 days from the date the government officially reinstates the project (April 17, 2019).

The PMO said Bandar Malaysia will serve as a global hub to further attract high impact global finance, technology and entrepreneurial firms.

"After due deliberation by the Cabinet on 17 April 2019, the government has decided to reinstate the Bandar Malaysia project that was abruptly terminated in May 2017. The project is expected to generate tremendous impact on urban development for Malaysia drawing foreign direct investments and generating an expected gross development value of RM140 billion.

"It will draw major international financial institutions, multi-national corporations and Fortune 500 Companies to locate their regional headquarters in Bandar Malaysia. In addition, tech giants such as Alibaba and Huawei have also manifested interest to establish their ICT centres. In line with the government's policy of ensuring that such a development will be people-centric and will add substantive value to the economy, the project will include the construction of a People's Park, 10,000 units of affordable homes, Bumiputra participation throughout the project, and priority for the use of local content in the construction process," the PMO said.

The PMO said these measures will no doubt add further value to the economy via substantive job creation, acceleration of retail and institutional demand for commercial and residential space. It said these measures will move SMEs up the value chain and stimulate demand for Malaysian produced construction materials, technology and home-grown talent in advancing sustainable urban growth.

"Bandar Malaysia will be a trailblazer in urban planning, being a transit-oriented development that will optimise the amount of residential, business and leisure space and contribute towards a greener environment by facilitating and incentivising the use of public transport over private vehicles.

"In an international open tender exercise participated by over 40 world renowned companies, including from Japan, Australia and the Middle East, the JV to take up 60% of Bandar Malaysia Sdn Bhd was awarded to a consortium, IWH-CREC Sdn Bhd," read the statement.

According to the PMO, the Bandar Malaysia project, like the East Coast Rail Link, should be viewed within the larger context of fostering and cementing long-term bilateral relations between Malaysia and China while ensuring that such projects add maximum economic value to Malaysia.

"These two major projects will also be a significant contribution to the Belt and Road Initiative which Malaysia expects to be able to tap on and exploit its multiplier effects along the value chain.

"It should be stressed that the principle of integrity, accountability and transparency will remain paramount at all times. No corruption or any form of shady deals will be tolerated. This approach will prevent leakages, questionable dealings and abuse of power and will translate into massive savings for the government," the PMO said.

 

https://www.theedgemarkets.com/article/government-reinstates-bandar-malaysia-project

 

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  Patrick13 likes this.
 
ramada Gap up or limit up on monday. You will know it very soon.
20/04/2019 11:15 AM
Najib_bodoh Why BN never ask extra RM 500 million like Tun M?
20/04/2019 11:16 AM
VenFx Najib is bodoh, because he is so blind to commit such fraud doing
For the sake for his own pocket and cronyism.

Thats why few gangs like jamban wahid lokman are empowering to smash any opposition individual or parties who against Jis.
20/04/2019 11:28 AM
VenFx A good goverment will lead and add value to the nation wealth.
20/04/2019 11:29 AM
qqq3 can this thing go through is still just speculation.

I mean....isn't Klang Valley over built already?
20/04/2019 11:38 AM
Najib_bodoh 10K Prima house like better project?
20/04/2019 11:40 AM
chinaman 60%= myr7.4billion. this means 100%=myr12.3billion for 486 acres of Bandar Malaysia. So, 1 acre myr25.3Million. So, is this a value buy land to CREC+ IWC???. wakaka
20/04/2019 12:07 PM
8888_ Can IW City pay RM 1.241 billion deposit in 60 days?
20/04/2019 12:09 PM
chinaman Without HSR KL-SIN project, Bandar Malaysia worth ZERO. No wonder Pakatun quickly OK it. wakaka
20/04/2019 12:16 PM
LimKokThay Botak got cash to pay?
20/04/2019 12:49 PM
hooi Bandar Msia will change name to Bandar China
20/04/2019 12:58 PM
hooi later all the dogs also missing . Eaten up.
20/04/2019 1:09 PM
hooi more foodstalls selling Dog Kut Teh in klang coming soon.
20/04/2019 1:10 PM
Holyman No dispute..renamed BANDAR MAHATSIA.
20/04/2019 1:15 PM
PH_1_term PH let China control why BN cannot?
20/04/2019 2:23 PM
VenFx PH not let China in controlling Malaysia lah,
Its coalition...

PH really good at milk the BN skin :)
20/04/2019 9:07 PM
paperplane Hehe. BN suckers so jealous now. Stupid ppl always stupid
... What to do, kampung champion cant think
20/04/2019 9:15 PM
ran777rpt Azmin says BM is open tender now.
20/04/2019 9:25 PM


 

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