A group of Australian and Malaysian firms plan to redevelop a riverside precinct of Kuala Lumpur at a cost of about RM9 billion (S$3.89 billion), the Malaysian Business Times said yesterday.
The urban-regeneration project is backed by Australian bank Macquarie, Australian builder Leighton and two unlisted Malaysian firms, the paper said. Construction is due to begin next month and be completed within eight years, it added.
To be known as Tamansari Riverside Garden City, the project will cover 22.3 hectares, feature a 60-storey tower and comprise commercial and residential properties. The government had awarded the project to local firm ASIE Sdn Bhd in 1998 but the firm needed to wait for residents of existing apartments in the precinct to be relocated, the paper said. -- Reuters
Source : Business Times - 4 Dec 2007
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