KUALA LUMPUR (July 15): Ekovest Bhd said today it will not proceed with its heads of agreement (HOA) with Iskandar Waterfront Holdings Sdn Bhd (IWH) to buy into the Bandar Malaysia project, following the lapse of Putrajaya s RM7.4 billion sale of 60% in the project to a joint venture of IWH.
On Wednesday, it was announced that IWH-CREC Sdn Bhd s proposed acquisition of 60% in Bandar Malaysia from the Ministry of Finance s TRX City Sdn Bhd (TRXC) for RM7.4 billion lapsed in May as the parties involved did not meet the conditions precedent for the deal.
IWH-CREC is a 50:50 joint venture between IWH and China Railway Engineering Corp (M) Sdn Bhd.
The property project, which was first introduced in 2015, was once shelved by the government back in 2017 after it was abruptly terminated. On Wednesday, the Finance Ministry (MoF) and IWH-CREC Sdn Bhd (ICSB) mutually agreed to terminate the deal for the latter to buy a 60% stake in the Bandar Malaysia project that is located in the former Air Force base in Sungai Besi for RM7.4bil.
PETALING JAYA: It is back to the drawing board for the mammoth multi-billion ringgit Bandar Malaysia project, which experts believe will be resuscitated at a later date.
The property project, which was first introduced in 2015, was once shelved by the government back in 2017 after it was abruptly terminated.
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