Now that not anyone can simply accuse it would seem that the mega project Bandar Malaysia is dominated by foreigners with every ill-intentions to tarnish the present government image. Nevertheless, when the Ministry of Finance (through TRX) called off the agreement to develop Bandar Malaysia with the IWH-CREC Consortium, the pro-opposition medias claimed that the cancellation was evidence of China losing confidence in our Malaysian government under the leadership of PM Najib Razak.
The fact is, the deal was cancelled by the government itself rather than those investors in the consortium. IWH-CREC is a 60:40 joint venture between Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corporation (M) Sdn Bhd. On May 3rd, TRX City announced the IWH-CREC agreement on the share sales involving 60 per cent of the issued and paid-up capital of Bandar Malaysia Sdn Bhd but it was cancelled due to their failure to fulfil payment obligations.
Therefore, in any way possible if the Bandar Malaysia does not belong to the government, they can initiate the agreement cancellation with IWH-CREC? PM Najib Razak has personally issued a statement that the Ministry of Finance will retain its 100 percent ownership to ensure that the nation and the people will benefit as much as possible. Thus, the termination of the agreement with IWH-CREC Sdn Bhd is final.
TRX City and Bandar Malaysia will soon be announcing the request for proposal (RFP) process, inviting interested parties for the main developer of Bandar Malaysia. While the selection process will involve stringent criteria demanding proven track records, their financial abilities to complete such mega project to ensure that their bids are able to produce the highest value.
Such stringent criteria are paramount to Bandar Malaysia as it is the key to shaping Kuala Lumpur into one of the major capitals of the world and driving forward the transformation of Malaysia. The government aspires that Malaysia will be a catalyst to accelerate economic development and employment including for the new KL City Center – the main hub of the world’s first Free Digital Trade Zone.
This shall be Malaysia’s largest construction site located in a key strategic position in the capital city where it will turn into a new city centre for Kuala Lumpur to cater for the new young community with quality. This new centre will offer small and large businesses to thrive and as an attractive destination for tourists and in particular for those who enjoy the arts and culture plus any other thing that will be provided.
Nevertheless, Bandar Malaysia will be an iconic development to spur the growth of tourism that the government has built the nucleus of modern transportation and mobility. Bandar Malaysia as the major hub for the High-Speed Rail Kuala Lumpur to Singapore route, the Mass Rapid Transit (MRT), the KTM Komuter, the Airport Express Rail Link and linked to its 12 highways.
Based on the importance of this project, it is paramount for Bandar Malaysia to have the right leadership, partnership and ownership to ensure that their full potential can be realised in order to safeguard the interests of the nation and Malaysians. Hence, during PM Najib’s visit to China recently, a multinational conglomerate fromChina, Wanda Group and the Malaysian government have talked about the possibility for the corporation to be the major developer of this mega project Bandar Malaysia. Wanda Group is a world renowned conglomerate who has the criteria required for Bandar Malaysia.