1MDB intends to launch a request for proposal process for its subsidiary Bandar Malaysia Sdn Bhd, to select qualified equity investors to partner in the overall development of Bandar Malaysia.

“We request suitably qualified equity investors to register their interest by entering into a confidentiality agreement with 1MDB in order to facilitate the sharing of preliminary information,” said president and group executive director Arul Kanda in a statement today.

Located in Sungei Besi, Bandar Malaysia is a 495-acre (200ha) mixed-use urban development that is expected to serve as a catalyst for the transformation of Greater Kuala Lumpur.

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 Mass Rapid Transit lines 2 and 3, KTM commuter, Express Rail Link, and future access to 12 major highways.

Arul ( photo ) said to relocate existing facilities on the site, 1MDB is currently responsible for the delivery of eight new police and military bases being constructed across Malaysia.

“1MDB is contributing RM1.6 billion towards these relocation costs, out of a total RM2.7 billion construction contract.

“We are pleased to update that construction of these new bases is on track for handover by Jan 1, 2017, due to the excellent progress by our contractor Perbadanan Perwira Hartanah Malaysia, a wholly-owned subsidiary of Lembaga Tabung Angkatan Tentera,” he added.

1MDB is a strategic development company wholly-owned by the government. It drives market-driven initiatives to help transform Malaysia into a thriving economy, one that is highly competitive, inclusive and sustainable.

- Bernama