Puzzling reinstatement of RM140b 1MDB project

QUESTION TIME | The government’s surprise revival and reinstatement of Najib Abdul Razak’s supermassive RM140 billion Bandar Malaysia development project at the old Royal Malaysian Air Force (RMAF) base in Sungai Besi, Kuala Lumpur, raises very serious and troubling questions.

This project, which involved a sale of 60 percent of Bandar Malaysia - the project company - to a Malaysia-China consortium for RM7.41 billion, had been terminated by the previous regime because the 10 percent deposit, RM741 million, had not been paid.

It originated as a 1MDB project when the RMAF base of 196 hectares was sold to 1MDB by the government at a price much lower than the market price, reportedly at RM76 per sq ft. Such land is currently selling for as much as RM3,000 per sq ft.

Bandar Malaysia is a huge project - the total development value is more than RM140 billion, which would easily make it among the largest single property developments in the country. The only one which may be larger is the...