PASIR GUDANG - The Bandar Malaysia project in Kuala Lumpur is a good opportunity to bring money back into the state of Johor.
Mentri Besar Datuk Mohamed Khaled Nordin defended Iskandar Waterfront Holdings Sdn Bhd (IWH), which had acquired the project from 1Malaysia Development Board Bhd (1MDB).
"We tendered for the project and fortunately we were able to beat international companies that had also shown interest.
"This is a good opportunity for IWH, which is involved in various development projects within Iskandar Malaysia, to expand its business and the state government believes this project will bring positive returns for Johor," he told reporters at Dewan Serbaguna Taman Scientex here yesterday.
The state government has a 40 per cent stake in IWH through its company Kumpulan Prasarana Rakyat Johor (KPRJ).
It was recently reported that IWH together with China Railway Engineering Corp (CREC) are paying RM7.41bil for a 60 per cent stake in Bandar Malaysia.
The Bandar Malaysia project encompasses the old Sungai Besi Airport measuring 196.6ha.
CREC is in for the long haul as the development of what is to be an underground city would take 20 years to be completed.