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Sale and purchase agreement for Bandar Malaysia project to be inked soon
Published:  Jul 15, 2019 6:57 PM
Updated: 10:58 AM

The sale and purchase agreement for the Bandar Malaysia project is expected to be inked soon, said Finance Minister Lim Guan Eng.

He said the government, via a development advisory committee, is negotiating with developer IWH CREC Sdn Bhd (ICSB) to finalise the terms of the agreement.

Both parties will also determine the strategic direction of the development of Bandar Malaysia, Lim said in a parliamentary reply dated last Thursday

"The committee and ICSB are in talks... The agreement is expected to be signed in the near future," he added.

Bandar Malaysia was once under the development of 1MDB, a brainchild of former prime minister Najib Abdul Razak.

IWH CREC first won the bid for Bandar Malaysia in late 2015 but their agreement was terminated in May, 2017.

In April, Harapan government decided to revive the project with some changes.

The changes include the construction of a "people's park", 10,000 affordable homes, bumiputera participation throughout the project and priority for local resources in the construction process.

The government awarded the contract to the same developer on the basis that the company was terminated unfairly.

On April 22, the government also set up the development advisory committee to determine the terms of the project together with ICSB.

The committee was entrusted to determine the direction and monitor the implementation of Bandar Malaysia project.