PUTRAJAYA: The government has revised the terms for the Bandar Malaysia project in reviving the deal.
The staggered payment terms have been shortened to three years, from seven years previously.
In addition to the original deposit sum of RM741 million, IWH CREC Sdn Bhd, the consortium comprising Iskandar Waterfront Holdings Sdn Bhd (IWH) and China Railway Engineering Corp (M) Sdn Bhd (CREC), will now pay an additional RM500 million as an advance payment.
The dividend from land sales will now be 50:50 to IWH CREC and TRX City Sdn Bhd, compared with 60:40 previously based on the shareholding.
The park and recreational area will now span 85 acres, compared with 48.6 acres previously.
The units of affordable homes have been doubled to 10,000, from 5,000 initially.
source https://www.thesundaily.my/business/govt-improves-terms-for-bandar-malaysia-project-NI1785917
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