Mahathir announces revival of Bandar Malaysia property project previously linked to 1MDB

An artist's impression of the Bandar Malaysia project.
An artist's impression of the Bandar Malaysia project.PHOTO: BROADWAYMALYAN

KUALA LUMPUR (THE STAR/ASIA NEWS NETWORK) - Tun Dr Mahathir Mohamad announced that the Bandar Malaysia project will be revived.

The prime minister said that the government has "changed its stance" about the project, which had been previously put on hold.

He said this at a press conference at Yayasan Al-Bukhary near here on Friday (April 19).

Sin Chew Daily had earlier reported that the Pakatan Harapan government will be reviving the stalled project.

The project was announced under the administration of former prime minister Najib Razak in 2011 and had an estimated cumulative gross development value of RM200 billion (S$65.4 billion).

The 486-acre integrated property development project was previously linked to the controversial 1Malaysia Development Bhd (1MDB), and was supposed to host the terminus of the Kuala Lumpur-Singapore High Speed Rail (HSR).

In December 2015, the Finance Ministry sold off a 60 per cent stake in Bandar Malaysia for RM7.4 billion 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.