This comes three months after it won the bid with joint-venture partner Iskandar Waterfront Holdings (IWH) to acquire 60 per cent of equity in Bandar Malaysia for 7.41billion ringgit from 1MDB Real Estate.

The announcement was made in the presence of Prime Minister Datuk Seri Najib Razak earlier on Monday.

The $2 billion is for the development of an integrated complex in Bandar Malaysia.

It was reported CREC is one of the front-runners of high speed rail from KL-Singapore which will which include Bandar Malaysia as it main hub.

CREC is one of the world’s largest engineering and construction firms, and also has businesses, among others, in industrial manufacturing, real estate development, and resources and mineral products. As of 2015, it is ranked number 71 in the Fortune 500, with a turnover exceeding US$100 billion per annum.