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Wednesday, June 15, 2011

1MDB inks deal to redevelope Sungai Besi airport

1Malaysia Development Bhd, a sovereign fund, signed agreements today to transform Kuala Lumpur’s former Sungai Besi military airport into a township development.

The Federal Land Commissioner will transfer 495 acres of land to 1MDB, as the fund is known, according to a statement on its website. 1MDB will be master-planner for the project which will be known as Bandar Malaysia, it said.

The Royal Malaysian Air Force signed a separate agreement for a replacement site in Sendayan, it said.

By Bloomberg

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