In a shocking development, Singapore's Sim Leisure Group has terminated its joint venture with Bandar Malaysia Sdn Bhd (BMSM) and cancelled its ESCAPE theme park project in Kuala Lumpur.
In a filing with the Singapore Exchange, the theme park operator confirmed that it had received a notice of termination from BMSB on December 15, 2024.
Sim Leisure will receive a security deposit of RM350,000 within 30 days, but the company is now seeking compensation for the investment it has made.
On the other hand, KLCC Property Holdings Berhad (KLCCP) has clarified by denying reports and rumours that it will buy Bandar Malaysia land for more than RM10 billion.
KLCCP has insisted that it was not involved in the transaction, thus putting to rest speculation linking the company to its growing debt burden.
Both developments show the tension over a major project that is set to change the landscape of Kuala Lumpur, highlighting the risks and opportunities in the world of property and investment.
