Dithering over Bandar Malaysia deal sends wrong signals to investors

Malaysia's iconic and large-scale Bandar Malaysia project has all the trappings of an aspirational plan that - if dealt with strategically and planned out thoughtfully - can evoke national pride.

The project sits on a former military air base and spans nearly 200 hectares of prime land in the vibrant capital city of Kuala Lumpur. Worth over RM12 billion (S$3.8 billion), it is the country's biggest real estate project. It will also be the seat of Malaysia's digital aspiration - the new KL Internet City which will be the hub of the country's Digital Free Trade Zone, an ambitious plan that recently snagged the backing of no less than China's e-commerce giant, Alibaba. Bandar Malaysia will be built over 30 years and will also house the main terminus for another ambitious project, the KL-Singapore high speed rail link.

All that promise, however, has thus far been clouded by swirling uncertainty - the real estate asset used to be owned and led by troubled 1Malaysia Development Berhad before it was transferred to the Ministry of Finance - and now, bewilderment.