KUALA LUMPUR, Feb 21 – The full development of Bandar Malaysia, now under Petronas’ KLCC Holdings, is expected to take around 50 years to complete, the Finance Ministry said yesterday.
The ministry also said that the development will include 10,000 units of affordable housing, open spaces, and recreational areas, while also preserving 50 acres as Malay Reserve Land.
“The development of Bandar Malaysia will be carried out in a controlled manner to ensure its commercial viability while considering supply and demand dynamics in the property market.
“Based on the size of the land, the whole development is expected to take around 50 years,” the ministry stated in a written Parliamentary reply to Bukit Bintang MP Fong Kui Lun.
The long-term project, covering 486 acres (196.67 hectares), is being undertaken by KLCC Development Sdn Bhd, a wholly owned subsidiary of KLCC (Holdings) Sdn Bhd (KLCCH), following the acquisition of land from Bandar Malaysia Sdn Bhd (BMSB).
The Finance Ministry also expressed confidence that KLCC Development’s expertise in real estate will ensure the project’s success, ultimately adding significant economic value and benefiting the people.
An investment arm of Petroliam Nasional Bhd (Petronas), KLCCH announced in December last year that it had agreed to buy 486 acres of land from BMSB.
KLCCH is the holding firm for the KLCC Group. It owns 65 per cent of the shares in the KLCC Stapled Group, which includes KLCCP and the KLCC Real Estate Investment Trust.
Bandar Malaysia is a large-scale development project located in Kuala Lumpur, Malaysia, aimed at becoming a mixed-use urban hub with residential, commercial, and transit-oriented facilities.
The site was originally used as the Sungai Besi Air Base, a military airbase before it was decommissioned for redevelopment.