12 companies have submitted proposals for the final stage of evaluation to participate as development partners.
Kuala Lumpur, 1 September 2015: CH Williams Talhar and Wong (WTW), the transaction advisor for the Bandar Malaysia Request for Proposal (RFP), announced that upon the close of bidding on 28 August 2015, 12 companies have submitted proposals for the final stage of evaluation to participate as development partners in the 486-acre project in Sungai Besi, Kuala Lumpur.
The earlier Expression of Interest (EOI) stage saw robust interest from 40 local and global players including Singapore, China, Japan, Korea and Australia. The bidders received an Investment Memorandum that outlined Bandar Malaysia’s development vision and its proposed master plan. To progress to this final selection stage, these companies had to showcase their track record, branding and financial capabilities to be a development partner for Bandar Malaysia.
“We have received highly competitive responses above and beyond our expectations. The 12 final stage bidders comprise of domestic private developers, GLCs and foreign parties either submitting independently or as a consortium” said Danny Yeo, WTW’s Deputy Managing Director. WTW will now review the proposals and shall provide its recommendation to 1MDB Real Estate (1MDBRE), who will then shortlist selected final bidders before entering into financial and share sale agreement negotiations.
The commercialisation of Bandar Malaysia is part of a rationalisation plan for 1MDB that was presented to the Cabinet on 29 May 2015. 1MDB is encouraged by the high quality of bids received, and is confident in the success of the process.“It is our plan to shortlist selected final bidders, enter detailed negotiations and execute a binding transaction by the end of 2015” said Dato’ Azmar Talib, CEO, 1MDBRE. He further emphasized that in making a final decision, the Board of Directors of 1MDB will be guided by, among other things, value maximisation to 1MDB’s shareholders, deal certainty, and terms that are fair and reasonable.
Bandar Malaysia will be a mixed-use urban development that is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur. Strategically located within seven kilometres of Kuala Lumpur City Centre (KLCC), the development will serve as Kuala Lumpur’s gateway for the high-speed rail-line to Singapore and become a central transport hub in the city via MRT lines 2 and 3, KTM Komuter, ERL, and future access to major highway networks.