1MDB in two massive projects


While the controversy over the megalomaniacal 100-storey tower is still swirling, many seem to be unaware of two other massive property development projects in the pipeline.

  • 1MDB is bringing in Abu Dhabi’s Mubadala Development Co to jointly develop a RM26 billion financial district on a 36ha plot in Jalan Tun Razak.
  • 1MDB will also partner Qatar Investment Authority in another huge project on the present RMAF Sungai Besi land.

Three questions come to mind.

First, what is so special about these property development projects that they have to be developed jointly with foreign partners? What extra value can they bring in that local developers can’t? That’s the question posed by The Edge business weekly of 11 October.

Second, aren’t we adding even more commercial space to add to the property frenzy? And now we are going to have a 100-storey tower as well?

Third, the whole 1MDB entity is shrouded in secrecy. What exactly is the state of its finances since it morphed from the Terengganu Investment Authority? Remember ValueCap anyone?

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23 Oct 2010 6.18pm

1 Malaysia
2 Generation Loan

22 Oct 2010 8.12am

Read between Najib’s lines and you get a disturbing feeling that his speech is a veiled threat. Is Najib saying they will go all out with jihad-like attitude to prevent a switch of government? We must be wary of what Umno will do to hang on to power.

Gerakan K
Gerakan K
22 Oct 2010 6.41am

Actually that is a good news. A prospering economic works.

But somehow you want to feel sad. Why huh ???

Want to divert our attention to why there is little FDI in PR states ???

Don’t follow Kelantan style of development.

22 Oct 2010 10.02am
Reply to  Gerakan K

After decades of ill governance by Gerakan, all we see is the fall of FDI. Just like the fall from grace of Komtar under Gerakan. We cannot blame Pakatan for this.

We are at a turning point of transforming Penang, starting from the symbolic Komtar.

Andrew I
Andrew I
21 Oct 2010 8.15pm

All hardware and little software.

Life after people might come sooner than we think at the rate they’re building. Look at the older mega projects and see how well these are being maintained.

Remember what Badawi once said: first world infrastructure, third world mentality.

22 Oct 2010 3.42pm
Reply to  Andrew I

Umno delegates said the country needs mega project to achieve high income nation….

21 Oct 2010 8.02pm

Even before the govt made the official announcement.
Many prominent bloggers “speculated” that the low … fella got the Sg.Besi contract.
But the govt issued denials….

21 Oct 2010 3.39pm

How much is the foreign invested money and how much is the rakyat money (e.g EPF)?

21 Oct 2010 7.14pm
Reply to  Gempak

Ah Kong’s money (belonging to Rakyat) may not last till 2019, the projected date for Malaysia Go Broke. Still wanna go 100 storey sky-high to boost phallic ego! Spending on Viagra is still very, very, very cheap, indiscernible, though may not cause one’s phallic ego to rise more than 6 inch and definitely doesn’t need to explain in sordid details to everybody unlike the phallic ego tower where it will be public accountability for ego boosting of uncontrollable, irresponsible kind. It just doesn’t make sense to the black and white bean counters. Or why not tryout our local produce: The… Read more »

Labu Labi
Labu Labi
23 Oct 2010 12.31pm
Reply to  Gempak

No need to worry.

BN Government (may) raise the money via Amanah Saham Warisan Mederka (ASWM) very soon with a promise of 8-10% return per annum!!!!