Boost from KL International Financial District

Artist impression of the Kuala Lumpur International Financial District.

The Kuala Lumpur International Financial District (KLIFD) is a key enabler to strengthen the position of Kuala Lumpur as the global financial city of choice, transforming Kuala Lumpur into an international hub for banking and finance as well as related professional services.

KLIFD has been identified by the Government as an Early Entry Point in its comprehensive Economic Transformation Programme to more than double per capita income by 2020. The Government wholly owns 1Malaysia Development Bhd (1MDB), the master developer for KLIFD.

The RM26bil project is located in the heart of Kuala Lumpur’s southern tip. It sits on 75 acres encompassed by Jalan Tun Razak, Jalan Sultan Ismail and the Putrajaya elevated highway. It will be overseen by 11 local and foreign consultants appointed by 1MBD to push forth its development.

In March, 1MDB carried out a pre-qualification and request for proposal process through its subsidiary 1MDB Real Estate Sdn Bhd.

Among the selected local companies are traffic management consultant Perunding Trafik Klasik Sdn Bhd, quantity surveyor Perunding NFL Sdn Bhd, landscape architect Akitek Jururancang Malaysian Sdn Bhd and land surveyors Jurukur Perpaduan Sdn Bhd and Jurukur ESA Sdn Bhd.

The infrastructure engineering consultants are EDP Consulting Group Sdn Bhd and Buro Happold Consulting Engineers, a UK and US consultant which also acts as KLIFD’s sustainability consultant.

Others include security and risk engineers ARUP Jururunding Sdn Bhd (from Malaysia) and Hong Kong-based ARUP Group International. A consultant from Qatar, KEO International Consultants, has been selected as programme management adviser.

The appointments are in addition to the two master planners, Akitek Jururancang Malaysia Sdn Bhd and Machado Silvetti & Associates, recently selected from an international design competition.

1MDB owns the 30.35ha on which the KLIFD will be developed. The entire financial district is slated to be completed in two decades, with its first phase operational by 2016.

Under Budget 2012, to accelerate the development of the KLIFD, the Government will offer income tax exemption of 100% for a period of 10 years.

Also, property developers in KLIFD will benefit from income tax exemption of 70% for a period of five years.