KUALA LUMPUR: Construction and property firm Malaysian Resources Corp Bhd (MRCB), which has entered into a non-binding memorandum of understanding (MoU) with Wondrous Vista Development Sdn Bhd and IWH CREC Sdn Bhd to collaborate on developing an integrated transportation terminal at Bandar Malaysia, intends to do better than the flagship KL Sentral project in its future projects.
MRCB executive director Mohd Imran Mohd Salim, who spoke to StarBiz following the signing of three agreements related to the multi-billion-ringgit Bandar Malaysia project, said the company was planning to negotiate with the master developer for 60 acres – “hopefully more” – for the development of various commercial development other than just the transport terminal.
IWH CREC – a joint venture between Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corp (CREC) – owns a 60% stake in Bandar Malaysia Sdn Bhd, the master developer and owner of Bandar Malaysia, with the Finance Ministry owning the remainder stake.
MRCB, in a filing with Bursa Malaysia, said the company intended to form a strategic alliance with Wondrous Vista and IWH CREC for the purpose of acquiring, constructing, developing and operating the transportation hub.
“It could be for commercial retail, food and beverage, and hotels. What is important to remember is that MRCB is a transportation developer. We did PJ Sentral and KL Sentral,” Imran said.
He added that the Bandar Malaysia transport terminal could easily make up 35 to 40 acres in size compared to the 10-acre KL Sentral Station. Imran said the company had the capacity and willingness to take on more projects because KL Sentral only has about five acres left to be developed.
“The transport terminal at Bandar Malaysia is a very high-profile one. But we need to iron out issues like acreage, the integrated nature of the development and the density and other factors,” he said, adding that there would be more clarity on the project soon.
“We will come to a decision in six months,” Imran said. The MoU will remain valid for a period of six months or may be terminated at any time by mutual consent.
It was previously reported that 1Malaysia Development Bhd’s sale of the 60% stake in Bandar Malaysia to the IWH-CREC consortium for RM7.41bil would be completed this month.
The 486-acre Bandar Malaysia, located on the former Sungai Besi air force base, will house the Kuala Lumpur-Singapore high-speed rail terminus and become a central transport hub with connections to the mass rapid transit lines, KTM Komuter, Express Rail Link and 12 other highways.
Bandar Malaysia, vide its wholly owned subsidiary, would be the registered owner of 486 acres at Bandar Malaysia, of which 55 to 60 acres have been earmarked for the integrated transportation terminal.
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