“KLCC Holdings, a Petronas subsidiary, acquires 486 acres in Bandar Malaysia, planning a long-term development into a global business hub and inclusive city.“
Kuala Lumpur, 23th Dec 2024, 03.41pm – KLCC (Holdings) Sdn Bhd (KLCCH), a subsidiary of national oil giant Petronas, has acquired 486 acres of land in Bandar Malaysia, Kuala Lumpur. The deal, finalized through a sale and purchase agreement signed on Oct 4, was made with Bandar Malaysia Sdn Bhd and Bandar Malaysia Land Sdn Bhd. While the exact transaction value remains undisclosed, reports from The Edge Malaysia estimate the deal to be worth up to RM12 billion.
The site, previously the Royal Malaysian Air Force base on Jalan Sungai Besi, is earmarked for long-term development. According to KLCCH, the project will prioritize commercial viability and is envisioned as an international business hub and a livable, inclusive city that benefits the broader community.
“KLCCH will undertake the development based on commercial viability over a long-term period,” the company stated. The acquisition reflects KLCCH’s commitment to enhancing Kuala Lumpur’s position as a global commercial and lifestyle destination.
This move aligns with KLCCH’s track record as a master developer in Kuala Lumpur City Centre and Putrajaya. It is known for iconic developments such as the 100-acre Kuala Lumpur City Centre, which includes the 452-meter-tall Petronas Twin Towers—the tallest twin towers in the world.
Bandar Malaysia has long been viewed as a key piece of real estate for driving economic growth and attracting international investment. This acquisition marks a significant step in transforming the area into a world-class hub for commerce, innovation, and urban living.
