1MDB inks agreements for Bandar Malaysia

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) the master developer of Bandar Malaysia has signed several agreements on Wednesday, June 15, with various government authorities to turn the old Sungai Besi military airport into a massive mixed-development.

1MDB had signed a sale and purchase agreement (SPA) with the Federal Land Commissioner for the transfer of 495 acres of land there, as well as another SPA with Menteri Besar Incorporated of Negeri Sembilan to acquire 750 acres of land in Sendayan, where the Royal Malaysian Air Force (RMAF) will relocate.

The fund had also inked a master relocation deal with the Ministry of Defence and the Home Ministry to develop eight replacement sites there.

Bandar Malaysia is the twin city of the 75-acre Kuala Lumpur International Financial District which will come up on a site between Jalan Tun Razak, Jalan Sultan Ismail and the Putrajaya Elevated Highway.

This marks the third time the site will be redeveloped, as the site was the nation's first international airport in 1965 before it was turned into the RMAF base.