PATCHAY.COM checks out this week the latest status of the proposed RM26 billion KL International Financial District (KLIFD).

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It was earlier reported in the media that if everything goes well, KLIFD may groundbreak as early as June 2011 in conjunction with the visit of the Crown Prince of Abu Dhabi to Malaysia.

According to 1MDB's website, the masterplan competition has attracted some of the world’s best.

They include Foster + Partners, Sasaki, BDP, Machado and Silvetti, Broadway Malyan, Atkins, Cox Richardson, Adrian Smith + Gordon Gill, Nikken Sekkei Ltd and OMA.

Further, it was stated that 1MDB will announce the winner soon.

But details of the megaproject remained sketchy given the recent unrest in the Middle East and the high oil prices that have forced governments around the world to revise their economic growth.

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Despite global uncertainty, several nations have continued to pursue extravagant commercial zones, particularly a centralised financial district that symbolises the new era of urbanisation, prosperity and pride. Below are some examples:

Busan International Financial Center, South Korea

Moscow International Financial Center, Russia

China itself has a staggering more than 200 projects (across more than two dozen metropolis) with skyscrapers taller than 300m. That is like the height of TM Tower, the second tallest office tower in Kuala Lumpur.

Tianjin Binhai New CBD, China

Tianjin Yujiabao Financial Area, China

Chongqing Jiangbei United Center, China

Chongqing Jiangbei New CBD, China

Back to KL, we may foresee a risk of oversupply of commercial space when the new KL International Financial District is completed in a few years time.

What say you?

Source: Unofficial renderings of KLIFD courtesy of 1MDB