12 companies submit bids for Bandar Malaysia project

PETALING JAYA (Sept 1): Twelve companies have submitted proposals for the final stage of evaluation to participate as development partners in the 486-acre Bandar Malaysia project in Sungai Besi, Kuala Lumpur. 

“We have received highly competitive responses above and beyond our expectations. The 12 final stage bidders comprise domestic private developers, GLCs and foreign parties either submitting independently or as a consortium," said CH Williams Talhar and Wong (WTW) deputy managing director, Danny Yeo in a press statement.

WTW is the transaction advisor for the Bandar Malaysia Request for Proposal (RFP) and the bidding closed on Aug 28.

The commercialisation of Bandar Malaysia is part of a rationalisation plan for 1MDB that was presented to the cabinet on May 29, 2015.

“It is our plan to shortlist selected final bidders, enter detailed negotiations and execute a binding transaction by the end of 2015,” said 1MDB Real Estate (1MDBRE) CEO Datuk Azmar Talib.

The earlier Expression of Interest (EOI) stage saw robust interest from 40 local and global players including Singapore, China, Japan, South Korea and Australia.

Bandar Malaysia is located within 7km from the city centre and will serve as Kuala Lumpur’s gateway for the high-speed rail-line to Singapore and become a central transport hub in the city. It will be a mixed-use development that is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur.

WTW is now in the stage of reviewing the proposals and will provide its recommendation to 1MDBRE, which will then shortlist selected final bidders before entering into financial and share sale agreement negotiations.

“In making the final decision, the board of directors of 1MDB will be guided by, among other things, value maximisation to 1MDB’s shareholders, deal certainty, and terms that are fair and reasonable,” said Talib.