Improved market may have played a part in scuppering of deal
Delays by proposed buyer in submitting bank guarantee for deferred payment led Malaysian government to walk away from deal
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Anita Gabriel
Singapore
MALAYSIAN top officials were all set to don a white workshirt with the Bandar Malaysia logo to attend a ceremony on Wednesday to update Prime Minister Najib Razak on the country's biggest real estate project at a choice site in Kuala Lumpur - then the shocking news came the very same evening that the event had been axed.
The unexpected announcement by the government said it had ditched the estimated RM5.3 billion (S$1.7 billion) sale of a 60 per cent interest in the iconic Bandar Malaysia project - sited at the main stop of the KL-Singapore high speed rail (HSR) link - to a consortium comprising local partner Iskandar Waterfront Holdings (IWH) and China's state-owned China Railway Engineering Corp (CREC).
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