KLCC (Holdings) Sdn Bhd Acquires Bandar Malaysia Land
KLCC (Holdings) Sdn Bhd (KLCCH), a subsidiary of Petroliam Nasional Bhd (Petronas), has announced the acquisition of 486 acres of prime land in Bandar Malaysia, Jalan Sungai Besi, Kuala Lumpur. The transaction, which had been under wraps, was finalized on October 4, 2024, with the sale-and-purchase agreement signed between KLCCH, Bandar Malaysia Sdn Bhd, and Bandar Malaysia Land Sdn Bhd.
While the exact price remains undisclosed, The Edge Malaysia reports that the deal could be valued at approximately RM12 billion.
Vision for Bandar Malaysia Development
KLCCH revealed plans to transform the site into an international business hub and a liveable, inclusive city, focusing on commercial viability over a long-term development period. This landmark project aligns with KLCCH’s expertise in urban master planning, as demonstrated in the iconic Kuala Lumpur City Centre (KLCC) development, which includes the world-renowned Petronas Twin Towers.
The 486-acre land represents a critical opportunity to redefine Kuala Lumpur’s urban landscape, creating a global gateway for business and community living.
KLCC Stapled Group Not Involved
In a separate announcement, KLCC Property Holdings Bhd, part of the KLCC Stapled Group (KL:KLCC), clarified that it is not the buyer of the Bandar Malaysia land. The project will be led solely by KLCCH, which holds a 65% stake in KLCC Property Holdings.
Escape Theme Park Project Cancelled
Amid this major land acquisition, Bandar Malaysia announced the termination of the Escape theme park project, initially planned by Sim Leisure Group Ltd, a Singapore-listed theme park developer.
The 75-acre theme park, which was set to offer outdoor adventures and family-friendly attractions, had been formalized in a 2023 agreement. Sim Leisure has responded by seeking legal recourse to ensure compensation for the premature termination.
Sim Leisure’s Portfolio:
- Escape Penang: A popular outdoor adventure park.
- Escape Challenge: Indoor adventure experiences at Paradigm Mall, Petaling Jaya.
- KidZania Kuala Lumpur: Interactive edutainment for children.
Impact on Kuala Lumpur’s Real Estate Landscape
The acquisition of Bandar Malaysia land marks a significant milestone for KLCCH, further strengthening its portfolio of transformative developments. With a vision to establish a globally connected business hub, the project is expected to boost Kuala Lumpur’s appeal to both international investors and residents.
Stay tuned for updates on the timeline, development milestones, and how this project will shape the future of Bandar Malaysia.
