KUALA LUMPUR, Oct 13 — By taking over the previously cancelled Bandar Malaysia project, the unity government will ensure strategic land is best utilised for projects for the people based on Madani values, said Finance Minister Datuk Seri Anwar Ibrahim today.

"This includes affordable housing projects for veterans, taking into account the interests of Bumiputera in the Federal Territories in addition to the provision of parks and green spaces that can be used by all residents of the Klang Valley,” he said during the tabling of the Budget 2024 this evening.

During his second stint as the prime minister in 2019, Tun Dr Mahathir Mohamad announced the revival of the Bandar Malaysia project that was previously cancelled in May 2017.

In 2017, TRX City Sdn Bhd had a share swap agreement with Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corporation (M) Sdn Bhd (IWH-CREC) involving the sale of 60 per cent of the issued and paid-up capital of Bandar Malaysia Sdn Bhd.

However, the deal fell through due to a breach in contract terms when the purchasing parties failed to meet obligation payments.

In an international open tender exercise participated by over 40 world renowned companies, including from Japan, Australia and the Middle East, the joint venture to take up 60 per cent of Bandar Malaysia Sdn Bhd was awarded to IWH-CREC.

Bandar Malaysia is a township development project with an estimated cumulative gross development value of RM150 billion.