KUALA LUMPUR: The developer behind the Bandar Malaysia project, KLCC Development Sdn Bhd (KLCCD), which is a wholly-owned subsidiary of KLCC (Holdings) Sdn Bhd (KLCCH), has outlined plans to create a unique, inclusive, and sustainable development, according to the Ministry of Finance (MoF).
It stated that the planning for this development will also consider the government’s commitment to inclusivity, ensuring that all segments of society can benefit from the project.
This approach aims to make Bandar Malaysia a livable city that promotes social integration, as stated by the MoF on the Parliament website on Thursday.
Key features of the project include the provision of 10,000 affordable housing units, complemented by open spaces and parks.
Additionally, part of the 20.23 hectares (ha) of land will be preserved as Malay Reserve Land.
“The Bandar Malaysia project will be developed in a controlled manner to ensure its commercial viability, considering the dynamics of demand and supply in the property market,” said the ministry.
MoF was responding to a question posed by Fong Kui Lun (PH-Bukit Bintang) about the development plans for Bandar Malaysia following the land acquisition by KLCC Holdings.
The overall development is expected to take around 50 years due to the size of the Bandar Malaysia site, said MoF.
It expressed confidence that, based on KLCCD’s expertise in property development, the company is well-equipped to bring the Bandar Malaysia project to fruition, thereby contributing significant value to the national economy and benefiting the people.
The Bandar Malaysia project was acquired by Petroliam Nasional Bhd (Petronas) through the purchase of 196.68ha of land from Bandar Malaysia Sdn Bhd (BMSB) to KLCCH.
The strategic transaction was negotiated between the two government-linked companies on a “willing buyer, willing seller” basis, taking into account the long-term strategic and social goals of the country.
