THE government will call for bids on the Bandar Malaysia development, said Economic Affairs Minister Azmin Ali. 

“The cabinet has agreed that the project should be done via the open tender process. We have been told that the previous government had terminated the original agreement because some quarters had wanted ‘illegal compensation,” the Economic Affairs Minister told reporters at an event in Felda Palong in Negri Sembilan today. 

Prime Minister Dr Mahathir Mohamad announced yesterday that the Bandar Malaysia project would be revived and the original contractor, IWH-CREC Sdn Bhd, retained.

On May 3, 2017, TRX City Bhd, an entity under the Finance Ministry, announced that it had terminated the share sale agreement for the development of the 200ha plot because IWH-CREC had failed to meet payment obligations despite having been granted several time extensions.

IWH-CREC  is a joint venture between Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corp (M) Sdn Bhd.

Azmin said the development was strategically important for Malaysia to achieve its aim to be a regional financial hub. 

“Bandar Malaysia is not just about property development but it’s a strategic development to turn Malaysian into a regional financial hub (for) MNCs

“To attract these kinds of investors, we require a strategic area with comprehensive (facilities).”

He said Bandar Malaysia is a private development and does not involve government funding. – April 20, 2019.