KUALA LUMPUR (March 6): Malaysia is set to break ground on its largest real estate development, the multibillion-dollar Bandar Malaysia project that will showcase the country's growing economic ties with China. Just next door to Bandar Malaysia, developers have begun work on a new financial district called the Tun Razak Exchange (TRX) that will cover roughly 28ha of prime real estate. Central to Mr Lim Kang Hoo's success will be his plans for an IPO to raise capital for the Bandar Malaysia development. IWH and CREC won an international tender to secure rights as master developer of Bandar Malaysia with a RM7.41 billion bid to acquire a 60 per cent interest in the project from 1MDB. Under the first phase of development, the joint venture will assume ownership of one-third of the total Bandar Malaysia area, consisting mainly of the runway strip at the military airbase.

Source: The Edge Markets March 05, 2017 21:00 UTC