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IWCITY
BENEFICIARY OF BANDAR MALAYSIA PROJECT?
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Below are our study notes on Bandar Malaysia.
IWCITY is related to Bandar Malaysia. Refer study note #5 below.
- BANDAR MALAYSIA, THE LARGEST DEVELOPMENT PROJECT EVER. Bandar Malaysia is Malaysia’s biggest development project in Malaysian history. It has a Gross Development Value (GDV) of RM140 billion.
- INTEGRATED DEVELOPMENT. The RM140 billion integrated development will feature integrated components covering finance, technology, medical science, education, tourism and entrepreneurship, as well as being an intelligent city.
- RESTART PROJECT IN 2021. The Bandar Malaysia was slated to begin in March 2020, but had been delayed due to Covid-19 Project Master Developer. It is expected to restart in 2021 – exact month and date to be announced.
- MR. LIM KANG HOO, EKOVEST, IWCITY. Refer figure above for shareholding structure:
- Bandar Malaysia’s master developer is Bandar Malaysia Sdn Bhd.
- IWH-CREC owns 60% of Bandar Malaysia Sdn Bhd.
- Iskandar Waterfront Holdings owns 60% of IWH-CREC.
- Mr. Lim Kang Hoo owns 63% of Iskandar Waterfront Holdings.
- Lim is the controlling shareholder of both IWH and Ekovest - He holds a 63% stake in IWH and a 32.4% stake in Ekovest.
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‘With the estimated gross development value of RM140 billion for Bandar Malaysia, Ekovest must have participation with IWH together with CREC,’ Mr. Lim Kang Hoo told The Edge in an interview on September 16.
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USE OF MALAYSIAN CONSTRUCTION MATERIALS PRIORITISED. IWH-CREC
said they will soon invite qualified local and foreign investors,
developers, consultants and contractors to submit their proposals to
participate in this development. There will be strong opportunities for
Bumiputera and Malaysian company participation, while the use of
Malaysian construction materials, technologies and local talent will be
prioritised.
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