High-ranking officials from Malaysia and China are slated to meet over the next few days to discuss plans for the joint development of Bandar Malaysia and the proposed construction of three new ports facing the Strait of Malacca.
According to a report from The Straits Times, a delegation headed by Finance Ministry Secretary-General Irwan Serigar Abdullah will go to Beijing later this week to talk with firms potentially taking part in the massive Bandar Malaysia project that will house the country’s terminus for the upcoming High Speed Rail (HSR) that will connect Singapore with Kuala Lumpur.
Officials privy to the matter revealed that Tan Sri Irwan, who was assigned by Prime Minister Najib to take charge of Bandar Malaysia, is anticipated to hold talks with major Chinese entities regarding their possible involvement in the 97ha Bandar Malaysia project.
These include Chinese mega conglomerate Dalian Wanda, property developer Greenland Group and state-owned firms like China Overseas Land and Investment.
In December 2015, a consortium consisting of Iskandar Waterfront Holdings (IWH) and China Railway Engineering Corp (CREC) agreed to purchase a 60 percent stake in Bandar Malaysia from a unit of the Ministry of Finance for RM7.41 billion. It also paid a 10 percent down payment and secured the role as the master developer.
But earlier this month, TRX City Sdn Bhd terminated the share sale agreement (SSA) and returned the down payment, alleging that the buyer had failed to meet payment obligations despite repeated extensions granted.
Meanwhile, a 35-strong delegation led by Beijing’s Public Security Minister Guo Shengkun is set to hold negotiations on Thursday (1 June) concerning the financing and implementation timeline for the proposed Melaka Gateway port and another harbour at Carey Island in Selangor.
Also up for discussion is the proposed dedicated RM30 billion energy port in Perak’s Bagan Datoh area, which is envisioned as an oil pipeline that will run across Peninsular Malaysia until Bachok, Kelantan.
The high-level Chinese delegation will be discussing these infrastructure projects with Malaysian Deputy Prime Minister and Home Minister Ahmad Zahid Hamidi and other local officials, and both governments hope to sign agreements later this year.
Image sourced from Straits Times
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