Bandar Malaysia shortlists four potential development partners.
KUALA LUMPUR, 11 September 2015: Further to the announcement made on 1 September 2015, CH Williams Talhar and Wong (WTW), the transaction advisor for the Bandar Malaysia Request for Proposal (RFP), is pleased to update that four companies and/or consortia have been shortlisted and approved by 1MDB as potential development partners in the 486-acre project.
The four preferred bidders were shortlisted from the 12 proposals submitted at closing date of the RFP on 28th August 2015, which included proposals from domestic private developers, GLCs and foreign parties, either submitting independently or as a consortium.
The proposals were assessed and evaluated by WTW and a shortlist was presented to 1MDB Board of Directors for approval. The final four bidders will undergo a detailed due diligence, clarification and negotiation process with 1MDB Real Estate and WTW before a final recommendation is made to the 1MDB Board of Directors.
“We are working to finalise Bandar Malaysia’s development partner(s) by the end of October. We then aim to execute definitive legal agreements latest by the end of November 2015,” said Danny Yeo, WTW’s Deputy Managing Director.
The commercialisation of Bandar Malaysia is part of 1MDB’s rationalisation plan as presented to the Cabinet on 29 May 2015. 1MDB has been encouraged by the high quality of bids received and significant interest shown in Bandar Malaysia. The final decision making process will be guided by, amongst others, 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.