1MDB Real Estate Sdn Bhd (1MDB RE) is pleased to announce that it has received the Planning Approval (Kebenaran Merancang) from Dewan Bandaraya Kuala Lumpur for the Bandar Malaysia development in Sungai Besi.
The “approval-in-principle”, granted based on Bandar Malaysia’s masterplan, is for a mixed-used development with an average gross plot ratio of 4.05, across the entire 486 acre site.
Strategically located about seven kilometres from Kuala Lumpur City Centre (KLCC), Bandar Malaysia will serve as Kuala Lumpur’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 realizing our vision of making Bandar Malaysia the country’s leading transit-oriented development,” said Dato’ Azmar Talib, CEO of 1MDB RE, the master developer of Bandar Malaysia.
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,” he said.
Bandar Malaysia will be a mixed-use urban development that is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur. The masterplan for the 486-acre development include plans for creating quality city living, establishing a global business and creative enterprise hub, and becoming retail, lifestyle and tourism destination.