1MDB Real Estate gets 2 final bids for sale in Bandar Malaysia stake

1MDB Real Estate Sdn Bhd (1MDB RE) has received two final, binding and funded bids from development partners for the proposed sale of 60% equity in Bandar Malaysia Sdn. Bhd.

Transaction advisor CH Williams Talhar and Wong (WTW) and 1MDB RE said on Thursday they were seeking clarification and undertaking a comprehensive analysis of the two bids.

“A recommendation will then be made to the 1MDB Board,” it said.

WTW said the final binding bids fully reflected 1MDB RE’s expectations in terms of land valuation, payment terms and certainty of transaction.

It added 1MDB RE was confident a development partner would be selected and a definitive agreement executed by year-end under by the 1MDB rationalisation plan.

Bandar Malaysia will be a mixed-use urban development that is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur.

To recap, thehe development received planning approval from Dewan Bandaraya Kuala Lumpur, with an average gross plot ratio of 4.05 across the entire 486-acre site.

Plans are to make Bandar Malaysia the country’s leading transport oriented development. - By The Star