The developer of Bandar Malaysia has been given three years to pay off its RM6.45 billion buy-in for a stake in the project.
Finance Minister Lim Guan Eng said this was down from the seven-year time frame previously negotiated with the past BN government.
Bandar Malaysia had been put on hold by the Pakatan Harapan government due to its link to the 1MDB scandal.
However, the project was revived after what Lim called a "detoxification" process.
Putrajaya has retained IWH-CREC Sdn Bhd as the master developer.
IWH-CREC is a consortium between Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corp (M) Sdn Bhd (CREC).
Lim was speaking at an event in Putrajaya where IWH-CREC signed a share sale agreement with TRX City Sdn Bhd to officially launch the development in Sungai Besi.
As part of the renegotiated deal, the government, through TRX City, will earn 50 percent from land sale dividends compared with 40 percent previously.
There will also be 10,000 affordable homes compared to 5,000 previously.
Asked when construction would begin, Lim said the contractor would have to go through the proper procedures first.
Prime Minister Dr Mahathir Mohamad, who was present, however, said he had asked for construction to start immediately.
Mahathir also said Bandar Malaysia would have a station for the proposed High-Speed Rail (HSR) link project (above) with Singapore.
He said details about the HSR project were still being negotiated to lower its cost including scaling down or even lowering the speed of the train.
"Is it necessary to be 400km/h? Because if you travel at 400km/h you might reach Alor Star," Mahathir said in jest. - Mkini
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