Bandar Malaysia Total GDV Estimated At US$39.41 Bln, Says IWH

KUALA LUMPUR, March 21 (Bernama) -- Bandar Malaysia is estimated to involve a cummulative gross development value (GDV) of US$39.41 billion (RM160 billion) and will be completed over the next 20 years, says Iskandar Waterfront Holdings (IWH) Executive Vice Chairman Lim Kang Hoo. Lim said the China Railway Group Ltd (CREC), which acted as a first mover in Bandar Malaysia with its US$2 billion (US$1=RM4.07) commitment to building its regional centre, represents 30 per cent of Bandar Malaysia's first phase project. "There will be three phases of development in Bandar Malaysia. "We will bring in the investors to come in and join hands to develop with us, just like what we are doing in Iskandar Malaysia," Lim told reporters at a press conference. CREC President Zhang Zongyan earlier announced that the company would invest US$2 billion to build its regional centre in Bandar Malaysia and would consolidate all its current regional businesses and operations once its new headquarters in Bandar Malaysia is completed. Zhang made the announcement in the presence of Malaysian Prime Minister Najib Razak, Johor Menteri Besar (chief minister) Mohamed Khaled Nordin and several cabinet ministers at a ceremony here Monday. CREC is a Chinese state-owned company and a Global Fortune 500 company which was ranked 71st in 2015. At the same press conference, Zhang said CREC's project in Bandar Malaysia will kick off next year and may create up to 10,000 jobs. CREC's development blueprint includes an integrated underground city modelled after Canada's Montreal underground city, with dedicated space for financial and commercial centres, tourism and shopping facilities, high-end corporate offices, theme park and themed theatres, said Zhang. On the high-speed rail project, Zhang said the company may bid for the project if it is invited to participate in the tender. The Bandar Malaysia development is being developed under the public-private partnership (PPP) model with the Ministry of Finance holding 40 per cent of the development company and the IWH-CREC consortium holding 60 per cent. IWH is also a PPP company with the Johor State Government, through Kumpulan Prasarana Rakyat Johor, owning 40 per cent of the company and the remaining 60 per cent by Credence Resource Sdn Bhd, a company controlled by Lim. Bandar Malaysia is situated at the old airport site in Sungai Besi just seven kilometres from Kuala Lumpur city centre. -- BERNAMA