MAHB secures 99-year agreement to develop KLIA Aerotropolis

KUALA LUMPUR: Malaysia Airports Holdings has secured an agreement to develop an airport city called KLIA Aerotropolis, on 3,400 hectares of federal land leased for 99 years, the company told the stock exchange.

The airport operator, in a filing with Bursa Malaysia, said a 99-year development agreement had been reached between KLIA Aeropolis Sdn Bhd and the Malaysian government from Nov 17, Bernama reported.

The company, a wholly-owned subsidiary of MAHB, will plan, design, develop and construct KLIA Aeropolis. There is also a land lease agreement with the Federal Commissioner of Lands for a 99-year lease from Nov 17 which gives the company the rights to occupy, use, control, manage and sublease the land.