Twelve companies are bidding to participate as development partners for the development of the 197-hectare Bandar Malaysia, a property project wholly owned by 1Malaysia Development Bhd (1MDB).

They comprise domestic private developers, government-linked companies and foreign parties, either submitting independently or as a consortium, CH Williams Talhar and Wong (WTW) deputy managing director Danny Yeo said today.

WTW is the transaction adviser for the Bandar Malaysia Request for Proposal.

The bidding closed on Aug 28, 2015, the final stage of evaluation to participate as development partners in the project in Sungai Besi, Kuala Lumpur.

The earlier Expression of Interest stage saw robust interest from 40 local and global players, including those from Singapore, China, Japan, South 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," WTW said in a statement today.

WTW will now review the proposals and provide its recommendation to 1MDB Real Estate, the property arm of 1MDB, which will then shortlist selected final bidders before entering into financial and share sale agreement negotiations.

The commercialisation of Bandar Malaysia is part of the 1MDB's rationalisation plan that was presented to the cabinet on May 29, 2015.

Bandar Malaysia will be a mixed-use urban development that is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur.

- Bernama