Bandar Malaysia Theme Park Nixed Klcc Property Poised To Take Over

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TRX City Sdn Bhd - a Finance Ministry subsidiary - has terminated a deal with a Singaporean company to build a theme park at Bandar Malaysia, in Sungai Besi, Kuala Lumpur.
The move is expected to cost TRX City a large sum to compensate Sim Leisure Group Ltd, but the Malaysian firm appears set to make billions in return.
According to an announcement by Sim Leisure dated Dec 19 on the Singapore Exchange, TRX City had sent a notice on Dec 16 to terminate their agreement.
As a result of the termination, the Malaysian firm must pay the Singaporean firm back its RM350,000 security deposit, as well as refund an RM1 million advance payment.
Additionally, Sim Leisure is seeking compensation for all capital expenditure it poured in thus far. It did not specify an amount.
Media reports last month noted that the Singaporean company had only recently submitted a proposal for a mixed development that would feature a theme park with adventure rides, related facilities, and accommodation like bungalows, terrace houses, and apartments.
The decision to terminate the Singaporean deal appears to be related to a multi-billion ringgit deal to take over the property situated at Sungai Besi.
The Edge, in a digital copy of its print version for Monday, reported that KLCC Property Holdings Bhd (KLCCP) - a Petronas subsidy - is in the midst of talks to acquire Bandar Malaysia.
Citing sources, it estimated the deal to be valued at as much as RM12 billion, with KLCCP expected to pay RM6 billion upfront while the balance is paid “as and when”.
“The deal will see the government monetise its assets and at the same time pay off the creditors of Bandar Malaysia, which are mainly government funds,” one source was reported as saying. - Mkini

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