Although approval-in-principal has been given pending a formal agreement, there is scant information about the developer’s plans for the land on which the existing RMAF base is sited if the base is indeed moved.
According to TSR Capital’s website, under a page titled ‘LTP Wibawa Sdn Bhd’, it is stated:
RMAF Airbase Butterworth
The existing Butterworth Airbase has arrived to a need in:
– Being relocated due to the base surrounded by new townships and unable to expand further.
– Being relocated due to the base surrounded.
A new Contemporary City for the future that benefitting the locals and inviting the foreign investors and traders alike. it will be a city where Trading, Tourism and the Arts may flourish in a quality lifestyle and living. [email protected] will be the new homes for squatters and possibly army personnel.
Check out the equally vague artist impressions of the project.
Interestingly enough, this LTP Wibawa Sdn Bhd is just a RM2 company purchased in April 2014 by TSR Capital Bhd. TSR made the following announcement in April 2014, a couple of months after the land swap deal was announced:
The Board of Directors of TSR Capital Berhad (“the Company”) wishes to announce that the Company had on 15 April 2014 acquired the whole issued and paid-up share capital of LTP for a cash consideration of Ringgit Malaysia : Two Only (RM2.00) resulting LTP being the wholly-owned subsidiary of the Company.
LTP was incorporated on 20 March 2014. LTP has an Authorised Share Capital of RM400,000.00 and Issued and Paid-up Share Capital of RM2.00 and currently is dormant.
What exactly will the joint venture entity develop the present RMAF base site into? In its announcement in February 2014, the language was vague:
LTAT-TSR-PBT JV will reap the benefit by being in the capacity of master developer of the redevelopment of the Government Lands into a city of arts and leisure which promotes for eco-sustainable, culture and modern life-style.
… whatever that is.
But it does strike me that it could be an upmarket property development, especially given that the GDV of this “city of arts and leisure” is going to be RM10bn (see The Edge report) and the RMAF base is located along potentially prime sea-front land. The base is just a few km away from the mainland side of the controversial cross-channel tunnel.
The mixed development project at the present site of the RMAF will only begin once the new base is ready at its new site – that is, assuming the land swap agreement is formally signed in the first place.
Why is the federal government remaining mum about this? Is the project on or not and on what basis was TSR Capital Bhd and partners awarded this project?