The proposed Bandar Malaysia real estate project is on a 194ha (486 acre/21.17 million sq ft) tract within the old airport site in Sungai Besi here. Bandar Malaysia has been in the spotlight after Malaysian Government-owned TRX City Sdn Bhd alleged on May 3 this year its planned sale of a 60% stake in Bandar Malaysia Sdn Bhd to IWH CREC Sdn Bhd was "null and void with immediate effect". Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corp (M) Sdn Bhd jointly own IWH CREC. TRX alleged that "IWH CREC failed to meet the payment obligations" under the share sale agreement. In response, IWH CREC said TRX's allegation was "unacceptable" because IWH CREC had fulfilled "all the required payment obligation" under the agreement dated Dec 31, 2015.

Source: The Edge Markets June 23, 2017 03:11 UTC