By The Straits Times | Created at 2024-12-23 10:23:01 | Updated at 2024-12-23 15:30:45
5 hours ago
KUALA LUMPUR - KLCC (Holdings) Sdn Bhd (KLCCH) has signed an agreement with Bandar Malaysia Sdn Bhd (BMSB) and Bandar Malaysia Land Sdn Bhd to acquire 486 acres of land.
The land is located at the site of the former Royal Malaysian Air Force base on Jalan Sungai Besi. The acquisition price remains undisclosed.
In a statement, KLCCH said the signing of the land sale and purchase agreement (Land SPA) took place on Oct 4, 2024.
“KLCCH will undertake the development based on commercial viability over a long-term period. The development is envisioned as an international business hub and a liveable and inclusive city for the community.
“With two of the most iconic developments in the nation - Kuala Lumpur City Centre (KLCC) and Putrajaya, KLCCH has demonstrated strategic vision in large scale urban developments, setting the standards in master planning and sustainability,” it said.
The original plans for Bandar Malaysia were first announced by the Najib Razak government in 2011.
Then, the massive township with an estimated gross development value of RM150 billion (S$45.3 billion) was intended to be the terminus for the now-scrapped Kuala Lumpur-Singapore high speed rail, and would house a subterranean shopping mall, canals, indoor theme parks, a financial centre and residential units.
KLCCH, a property investment and holding company of KLCC Group, develops and manages real estate properties in the Kuala Lumpur City Centre and Putrajaya.
It is the Master Developer of the 100-acre prime land in the commercial hub of Kuala Lumpur which is home to the 452-metre PETRONAS Twin Towers, the world’s tallest twin towers and distinctive international standard buildings.
Earlier, KLCC Property Holdings Bhd (KLCCP) denied reports that it is set to take over Bandar Malaysia from the Ministry of Finance in a deal valued at RM10 billion.
In a filing with Bursa Malaysia on Dec 23, KLCCP clarified that it is not involved in the transaction, refuting claims that it is the buyer of the 486-acre Bandar Malaysia land.
“KLCCP wishes to inform that it is not a party to this transaction and is not the buyer as reported,” the company said.
Separately, Singapore-listed Sim Leisure Group has terminated its agreement with Bandar Malaysia Sdn Bhd (BMSB) to develop the ESCAPE theme park in Kuala Lumpur.
The theme park operator, in a filing with the Singapore Exchange, Sim Leisure said it had on Dec 16, 2024, received a notice of termination for the agreement from the BMSB,
Sim Leisure stated that BMSB is obligated to refund the security deposit of RM350,000 within 30 days from the termination date.
Additionally, as the theme park operation has not yet commenced, BMSB must also repay an advance payment of RM1 million to Sim Leisure. THE STAR/ASIA NEWS NETWORK
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