It said this was due to the failure of the purchasing parties to fulfil payment obligations.

Following the SSA signing, IWH and CREC assigned its benefits and responsibilities to IWH CREC Sdn Bhd (IWH CREC) on July 21 last year.

TRX City, in a statement, said despite repeated extensions being granted, IWH CREC failed to meet the payment obligations outlined in the conditions precedent under the SSA, which was signed on Dec 31, 2015.

“As a result, the SSA between the parties stands null and void with immediate effect,” it said.

Following that, it said given a significant appreciation in the value of the Bandar Malaysia land, TRX City’s sole shareholder, the finance ministry, would now be retaining 100% ownership of the site to ensure the Malaysian people benefit from its development in its entirety.

It said TRX City would immediately be inviting expressions of interest for the role of master developer of Bandar Malaysia, with full ownership being preserved by the finance ministry.

“The selection process will involve very strict criteria, including track record, speed of delivery and financial capability for such large-scale development.

“This is to enhance all aspects of Bandar Malaysia, including its role as a business, transport, residential and tourism hub.

“The steps taken today will ensure there is no detrimental impact on the long-term development of Bandar Malaysia and that, upon its completion, the site will serve the national interests to an even greater extent than before,” it said.

It said Bandar Malaysia would be a catalyst for economic growth and national development.

“The biggest development site in Malaysia is in a key strategic position. It will offer many business, investment and employment opportunities, including Kuala Lumpur Internet City, the hub for the new Digital Free Trade Zone,” it said.

Bandar Malaysia would also be Malaysia’s transport nucleus, connecting the Kuala Lumpur-Singapore high-speed rail, MRT lines, KTM Komuter, Express Rail Link and 12 highways.