SINGLE largest city development in the region, Bandar Malaysia is ready to take off with the settlement of the RM1.24 bil payment that was due to TRX City Sdn Bhd (TRXC), a wholly-owned subsidiary of the Ministry of Finance Incorporated (MOF Inc) by IWH-CREC Sdn Bhd.
The total payment paid by IWH-CREC is done under the revised share sale agreement and shareholders’ agreement, which includes the 10% deposit and a RM500 mil advance payment to TRXC.
Under the agreements, IWH-CREC will take up a 60% stake in Bandar Malaysia Sdn Bhd, the project’s master developer, from TRXC. The remaining 40% will remain held by TRXC.
“This is significant as it shows that foreign investors are still upbeat and confident about Malaysia and its economy,” IWH executive chairman Lim Kang Hoo said on Sept 16.
IWH-CREC is a joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China state-owned enterprise, China Railway Engineering Corporation (CREC). Meanwhile, the Johor State Government also has an interest through Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ), which owns 37% of IWH.
Bandar Malaysia will be home to the Express Rail Link (ERL), KTM and Mass Rapid Transit (MRT) Line 2 and 3 and the existing ERL railway which connects Kuala Lumpur International Airport (KLIA) and Kuala Lumpur Sentral transportation hub.
The MRT2 have already designated two stations in Bandar Malaysia which is set to be completed by 2021, as well as the Setiawangsa – Pantai Expressway (SPE) formerly known as DUKE 3 slated to be complete by 2021, which is linked to 12 other highways into KL city, will be aligned to Bandar Malaysia. – Sept 18, 2020
