Govt mulls partnerships with major real estate developers to rejuvenate Putrajaya

KUALA LUMPUR: The Malaysian government is mulling potential partnerships with major real estate developers to develop land parcels within Putrajaya in a bid to stimulate economic activity within the administrative capital.

One such possible joint venture is between IOI Properties and Putrajaya Holdings Sdn Bhd to develop land within the centre of Putrajaya.

According to sources, the government is also expected to set up special economic zones (SEZ) around adjoining areas such as Cyberjaya and IOI Properties Bhd's upcoming mixed development north of Putrajaya.

The proposed SEZ will offer various incentives such as tax breaks, looser policies and more relaxed employment conditions as well as connectivity to the area via the Maju expressway or South Klang Valley Expressway and an electric rail line to Putrajaya.

These plans are aimed at boosting the capital's vitality, image and connectivity to transform it into a capital of international renown as envisaged in the Greater KL Plan under the National Key Economic Areas (NKEA).

IOI Properties' has a RM2 billion proposed mixed development on the outskirts of Putajaya encompassing a shopping mall, a hotel, an international-class golf course, two green buildings and residential developments. It is believed that IOI has requested for its project to be designated a SEZ.

Apart from stimulating economic activity, other measures include enhancing Putrajaya's main boulevard and its natural lakes, improving its internal and external connectivity as well as making full use of the Putrajaya International Convention Centre (PICC).

These measures are aimed at encouraging and accomodating more food and beverage (F&B) outlets, street vendors and other retailers as well as street performances around the boulevard, lakes and PICC.

Also planned is a university dedicated to political science, which is expected to cater to students from developing nations.

Meanwhile, plans to improve internal and external connectivity will include a monorail service covering  Putrajaya, Cyberyaja, Serdang, Bangi and Kajang.
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