KUALA LUMPUR: Kuala Lumpur City Centre master developer, KLCC (Holdings) Sdn. Bhd. (KLCCH) today announced that it has taken over the 197 hectare Bandar Malaysia for an undisclosed price.
KLCCH is the property arm of Petroliam Nasional Bhd.
The signing of the sale and purchase agreement with Bandar Malaysia Sdn Bhd (BMSB) and Bandar Malaysia Land Sdn Bhd was done on Oct 4, 2024.
Bandar Malaysia covers the site of the former Royal Malaysian Air Force base on Jalan Sungai Besi.
KLCCH in a statement today said the large-scale development project is set to unfold over a long-term period with an emphasis on commercial viability.
It will be developed into an international business hub and a livable and inclusive city for the community.
KLCCH is the master developer of the 40ha Kuala Lumpur City Centre area which is home to the 452-metre Petronas Twin Towers.
It also manages the 20ha KLCC Park.
Over the weekend a business weekly reported that the Finance Ministry is in the midst of selling Bandar Malaysia to KLCC Property Holdings Bhd, a listed unit of Petronas, for about RM12 billion.
KLCC Property, earlier today, denied the report stating that it is not a party to the deal.
The announcement by KLCCH also comes a little over a week after BMSB terminated its theme park deal with Singapore-listed Sim Leisure Group Ltd.
In November 2023, Sim Leisure announced it would be opening an adventure park with 70 games and activities, as well as 200 themed accommodation for guests in Bandar Malaysia.
In a filing with the Singapore stock exchange, Sim Leisure said its subsidiary, Sim Leisure Escape, received a notice of termination on Dec 16, 2024 from BMSB.