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?