Now Indonesia’s Mulia Group buys RM665 million TRX land from 1MDB, So is this a "Bailout" from Indonesia?

Mulia Group is owned by Indonesian tycoon Eka Tjandranegara & family 

Comment: There you go, Mulia Group from Indonesia now have a significant stake in a huge piece of land in Central Kuala Lumpur. I wonder will the critics now cry that Mulia Group has now "bailout" 1MDB? It is a pity when Tabung Haji had an opportunity to make hundreds of millions of ringgit Malaysian in itself oppose the deal. Now companies from Indonesia will be able to make a huge profit just because we Malaysians are so damm stupid in trying to politicize every single thing in this country. Padan Muka!

Debt-laden 1Malaysia Development Bhd (1MDB) today announced it has sold land for RM665 million to Indonesia's Mulia Group to build its Signature Tower in the Tun Razak Exchange (TRX), a week after news broke out of a controversial land purchase by Lembaga Tabung Haji.

The Signature Tower land was earlier rejected by Tabung Haji despite a RM578 million price tag. Instead, Tabung Haji bought 0.64ha for RM188.5 million that sparked outrage from UMNO Youth, opposition parties etc, prompting the pilgrim fund to announce it was selling the condominium land as soon as possible.

“As one of the biggest commercial property developers in Indonesia, we are excited to be embarking on this project to develop the Signature Tower to become the new landmark of Kuala Lumpur city. Our Mulia Group wishes to be an integral part of this iconic state-of-the-art development not only for Malaysia but for the region and beyond," Mulia Group president director and owner Eka Tjandranegara said in a statement issued by TRX.

"We see TRX’s potential to further develop the city’s role as a financial capital, and the Tun Razak Exchange aids our growth and expansion plans. I am committed to personally seeing this project through, drawing from our vast experience," he added.

TRX developer 1MDB Real Estate (RE) chief executive officer Datuk Azmar Talib said in the statement that it was pleased to have the Mulia Group invest in TRX.

"This significant investment underscores foreign investor confidence in Malaysia,” he said.

The only other confirmed deal in TRX now is a 1MDB RE joint venture with global developers Lend Lease for a RM8 billion Lifestyle Quarter to be developed over 6.9ha of the 28haTRX off Jalan Tun Razak.

Government pension fund Kumpulan Wang Amanah Pencen (KWAP) yesterday denied it has committed to TRX, which was touted as a international financial centre when it was formed in 2012.

TRX, formerly known as the Kuala Lumpur International Financial District, was first announced in 2010, and had a false start when a ground-breaking the same year was indefinitely postponed.

1MDB's major partner for the project was supposed to be the Abu Dhabi-based Mubadala Development Company, but to date, there has been no official confirmation on the amount of investment made by the Middle-East consortium in TRX.

In 2012, Prime Minister Datuk Seri Najib Razak established a task force to oversee the completion of TRX over 15 years.