A term that used to be very popular in the past was Mahathirism. That concept caused Malaysia to lose an estimated RM200 billion in the 22 years that Tun Dr Mahathir Mohamad was Malaysia’s Fourth Prime Minister. That term and the concept of Mahathirism are now back in the form of the ‘revival’ of Bandar Malaysia. Ini dasar Cina kaya lagi kaya dan Melayu makin miskin.
(The Sun Daily) – Tycoon Tan Sri Lim Kang Hoo-linked Iskandar Waterfront City Bhd (IWCity) and Ekovest Bhd and hit limit up this morning on the revival of the Bandar Malaysia project.
At 11.45am, IWCity was trading 30 sen or 29.14% higher at RM1.32 on 14.53 million shares done, while Ekovest was trading 29 sen or 43% higher at 96 sen with 183.1 million shares changing hands.
Last Friday, Prime Minister Tun Mahathir Mohamad said the government welcomes the commitment by Iskandar Waterfront Holdings Bhd (IWH) and China Railway Engineering Corp Sdn Bhd (CREC) to make an advance payment of RM500 million, in addition to the original deposit sum of RM741 million to be paid within 60 days from the date that the government officially reinstates the project.
IWH and CREC were the winners of the Bandar Malaysia project before their status as the master developer was scrapped in May 2017. IWCity is a subsidiary of IWH. Tan is the executive vice chairman of IWCity and executive chairman of Ekovest.
Ekovest is a company that Lim Kang Hoo co-founded and is known for its involvement in the construction of the Petronas Twin Towers (KLCC), Kuala Lumpur International Airport (KLIA), and the main buildings within Putrajaya during the time that Tun Dr Mahathir Mohamad was Malaysia’s Fourth Prime Minister.
Iskandar Waterfront Holdings
Iskandar Waterfront Holdings has a gross development value of RM125 billion in projects on the 4,000+ acres of land in the Iskandar region. Past collaborative investors in the Iskandar region include billionaires Robert Kwok, Peter Lim, and Jeffery Cheah, as well as few of the largest real estate development companies from China (Country Garden Holdings), Greenland and Australia.
Govt revives Bandar Malaysia, IWH-CREC ups advance payment to RM1.24b
(The Edge Markets) – Prime Minister Tun Dr Mahathir Mohamad today announced the revival of the Bandar Malaysia project, which was abruptly terminated in May 2017.
The decision was made after due deliberation during a Cabinet meeting on Wednesday, Bernama quoted him as saying.
Dr Mahathir said Bandar Malaysia would have a significant impact on Malaysia’s economy and would serve as a global hub to further attract high impact global finance, technology and entrepreneurial firms.
The Prime Minister’s Office (PMO), in a statement, said IWH-CREC Sdn Bhd, the project’s master developer, is committed to make an additional advance payment of RM500 million.
Source : Malaysia Today