By ZAZALI MUSA
Published on 17th August 2011
http://thestar.com.my/
NUSAJAYA: New investments flowing into Iskandar Malaysia are unlikely to be affected by the debt crisis plaguing the United States and certain European Union countries.
Johor Mentri Besar Datuk Abdul Ghani Othman said in fact the Government was quite confident that Iskandar Malaysia would achieve its six per cent gross domestic growth (GDP) this year.
He said based on the investment flow patterns received by Iskandar Malaysia since its inception on Nov 4, 2006, the country’s first economic growth corridor was moving on a right direction.
“In the last two years, there seems to be a strong interest especially from domestic investors to invest in all economic activities within Iskandar Malaysia,’’ Abdul Ghani told a press conference recently.
He said up to the first-quarter of the year, Iskandar Malaysia has attracted RM3.76bil new investment, bringing the total committed investments to RM73.24bil since 2006.
Of the total 73.24bil, RM43.29bil or 59% are from local investors and RM29.95bil or 41% are from foreign investors, of which 41% of the total committed investments have been spent to date.
Abdul Ghani said this after witnessing a joint-venture agreement between Dijaya Corp Bhd and Iskandar Waterfront Sdn Bhd to jointly develop a 92ha freehold land in Plentong, on the eastern part of Johor Baru district.
The parties will undertake the mixed property project for the next eight years with a gross development value of RM2.8bil to be known as Tropicana Danga Cove.
Abdul Ghani is also the co-chairman of the Iskandar Regional Development Authority (Irda) together with Prime Minister Datuk Seri Najib Tun Razak.
“The next six to 12 months will see several of the on-going public and private-initiative projects taking shapes and operational as scheduled,’’ he said.
He said among the notable major projects include the Johor Premium Outlets in Kulaijaya to open this November and Asia’s first Legoland Theme Park here which would open its doors in September 2012.
Abdul Ghani said three foreign universities have decided to set up their faculties at the EduCity here - two were the engineering schools and one in the business management discipline.
He said the existing EduCity precinct in Nusajaya covering 121.40ha now would have to be extended in the near future to cater for demand from foreign universities who planned to open their branch campuses here.
Showing posts with label joint-venture. Show all posts
Showing posts with label joint-venture. Show all posts
Wednesday, August 17, 2011
Tuesday, August 16, 2011
Dijaya buys 92ha in Johor for mixed development
http://www.btimes.com.my
By Ahmad Fairuz Othman
Published on 16th August 2011
NUSAJAYA: Dijaya Corp Bhd yesterday bought 92ha of land in Plentong, Johor Baru, for RM220 million, which it intends to use for a mixed development township with an estimated gross development value (GDV) of RM2.8 billion.
"The landed properties will have prospects for strong price appreciation in the future," said Dijaya's group chief executive officer Tan Sri Danny Tan Chee Sing.
He also said that Dijaya, which is known for its flagship Tropicana Golf and Country Resort, Tropicana Indah Resort Home and Tropicana City in the Klang Valley, is on the lookout for new investment opportunities.
The deal yesterday was Dijaya's second major land purchase in Johor within a year.
Last August, the property developer bought a 15ha plot fronting the straits of Johor for its Tropicana City @ Danga Bay project.
On Tropicana City @ Danga Bay, Tan said the soon-to-be launched project has a GDV of RM3.8 billion. It will comprise office and commercial blocks, as well as hotel, shopping and world-class lifestyle properties.
With the two land purchases, Dijaya has to date invested RM528 million in land banking at Iskandar Malaysia.
"We are on an expansion strategy in the southern region ... We will continue to bring our brand value to a wide spectrum of emerging markets and potential customers," said Tan.
The 92ha freehold land was acquired by Magical Heights Sdn Bhd, a joint venture between Dijaya's wholly-owned subsidiary Accroway Sdn Bhd and Iskandar Waterfront Sdn Bhd (IWSB), from Trident World Sdn Bhd.
The Johor state government thus has an interest in the transaction as Kumpulan Prasarana Rakyat Johor owns a substantial stake in IWSB.
Menteri Besar Datuk Abdul Ghani Othman, who witnessed the signing of the joint-venture agreement yesterday, said the deal would bring in more development to the outskirts of Johor Baru.
By Ahmad Fairuz Othman
Published on 16th August 2011
NUSAJAYA: Dijaya Corp Bhd yesterday bought 92ha of land in Plentong, Johor Baru, for RM220 million, which it intends to use for a mixed development township with an estimated gross development value (GDV) of RM2.8 billion.
"The landed properties will have prospects for strong price appreciation in the future," said Dijaya's group chief executive officer Tan Sri Danny Tan Chee Sing.
He also said that Dijaya, which is known for its flagship Tropicana Golf and Country Resort, Tropicana Indah Resort Home and Tropicana City in the Klang Valley, is on the lookout for new investment opportunities.
The deal yesterday was Dijaya's second major land purchase in Johor within a year.
Last August, the property developer bought a 15ha plot fronting the straits of Johor for its Tropicana City @ Danga Bay project.
On Tropicana City @ Danga Bay, Tan said the soon-to-be launched project has a GDV of RM3.8 billion. It will comprise office and commercial blocks, as well as hotel, shopping and world-class lifestyle properties.
With the two land purchases, Dijaya has to date invested RM528 million in land banking at Iskandar Malaysia.
"We are on an expansion strategy in the southern region ... We will continue to bring our brand value to a wide spectrum of emerging markets and potential customers," said Tan.
The 92ha freehold land was acquired by Magical Heights Sdn Bhd, a joint venture between Dijaya's wholly-owned subsidiary Accroway Sdn Bhd and Iskandar Waterfront Sdn Bhd (IWSB), from Trident World Sdn Bhd.
The Johor state government thus has an interest in the transaction as Kumpulan Prasarana Rakyat Johor owns a substantial stake in IWSB.
Menteri Besar Datuk Abdul Ghani Othman, who witnessed the signing of the joint-venture agreement yesterday, said the deal would bring in more development to the outskirts of Johor Baru.
Thursday, July 28, 2011
The beginning of a new era
INSIGHT: DOWN SOUTH
By SEAH CHIANG NEE
Saturday July 23, 2011
It was part of a multi-million dollar deal when Malaysia and Singapore signed an agreement to return the 79 year-old train station at Tanjong Pagar and large tract of railway land to the republic. But the impact of this has provided a breakthrough in other projects.
WHEN Singapore and Malaysia broke up in acrimony in 1965, their present prime ministers were teenagers who had just started secondary school.
Malaysia’s Prime Minister Datuk Seri Najib Tun Razak was 14, while Lee Hsien Loong, Prime Minister of Singapore was a year younger.
Both were eldest sons of political leaders in their respective countries and attended top local schools before going abroad for further studies.
Like other teenagers, they were probably more preoccupied with sports and exams than with the fiery politics of the times.
They could not possibly have known that they would grow up to work together one day to remove the historical boulder that marred relationship during the past 46 years.
In 1965, Malaysia’s population was only 9.3 million or about a third its present size, while Singa-pore (now 5.08 million) had only 1.89 million people.
That means at least one in three Singaporeans and Malaysians today were either not born yet or were too young to have any living memory of that chaotic past.
Behind the urgency is the compelling force of business and global competition.
With expanding giants like China and India and world trade becoming more complex, smaller countries are finding it harder to compete without merging interests.
Long realising this, the two prime ministers began a series of negotiations in recent years towards im-proving cooperation. Last month they succeeded where their predecessors had failed.
They signed an agreement to re-turn the 79-year-old train station at Tanjong Pagar and large tract of railway land to Singapore as part of a multi-billion dollar deal.
I will not regurgitate the details which have already been reported.
The tangible impact of their give-and-take attitude has provided a breakthrough in the following projects:
> Mass transport: A high-speed rail link between northern Singapore and Malaysia’s Johor Baru by 2018;
> Crossing point: Broadening the present congested causeway or possibly building a new bridge to link eastern Singapore to Johor;
> Business: A joint company (Malaysia owning 60%) to develop six plots of premier Singapore land worth S$11bil (RM27bil) as well as build an iconic project, probably a 200ha township, in Iskandar;
> Iskandar Malaysia: By 2025 with ease of transport and hopefully improved security, the huge metropolis of Iskandar – three times the size of Singapore – will be ready as a source of fun and services for our people just a hop away; and
> Closer residency: Driven by high costs at home, Singaporeans are seeking healthcare or buying residential properties in Johor.
A well-run Iskandar will likely be viewed as a tourism rival in some Asian cities that are seeking to lure high-spending Singaporeans and other visitors from the region.
As a journalist who has covered Singapore-Malaysia ties for the past 40 years, I detect a resultant sanguine mood, heralding in a new era. Even the old football rivalry is being revived.
As I watched emotions unfolding among ordinary people, especially older folk over the end of the Malayan railway era on this island, I recall some of my early writings on bilateral relations.
I had once wondered why – in the face of manufacturing challenges from China and India – our two nations are still competing to attract the same multinationals.
They are spending billions duplicating infrastructure and services rather than jointly cooperating to make us more competitive.
In 1989, Singapore proposed a Growth Triangle to merge resources among Singapore-Johor-Batam to meet China’s economic might, but received lukewarm response.
The concept was based on successful trade-investment zone in Guangdong-Shenzhen which had an abundance of cheap manpower and land, while Hong Kong provided finance and business acumen.
Why did the zone formula fail to take off when it had worked so well in South China, I wondered?
After all, the two groupings shared more or less similar conditions and objectives, which were to hitch on to each other’s strengths, while covering their weakness for the common good.
Was it mistrust or racial dissimilarity – or both? The timing may have been premature. Although called a Triangle, Singapore and Johor were the predominant parties.
Other bilateral problems remain but the successful pacts had given them confidence that there is enough goodwill to resolve them, too.
All this is a boost for those who have faith that South-East Asia’s Growth Triangle can one day work well – despite political and racial differences.
“The loss of history is sad but it has to be so,” said an elderly blogger.
“Only then, can Singapore and Malaysia finally put the merger ghost to rest.”
By SEAH CHIANG NEE
Saturday July 23, 2011
It was part of a multi-million dollar deal when Malaysia and Singapore signed an agreement to return the 79 year-old train station at Tanjong Pagar and large tract of railway land to the republic. But the impact of this has provided a breakthrough in other projects.
WHEN Singapore and Malaysia broke up in acrimony in 1965, their present prime ministers were teenagers who had just started secondary school.
Malaysia’s Prime Minister Datuk Seri Najib Tun Razak was 14, while Lee Hsien Loong, Prime Minister of Singapore was a year younger.
Both were eldest sons of political leaders in their respective countries and attended top local schools before going abroad for further studies.
Like other teenagers, they were probably more preoccupied with sports and exams than with the fiery politics of the times.
They could not possibly have known that they would grow up to work together one day to remove the historical boulder that marred relationship during the past 46 years.
In 1965, Malaysia’s population was only 9.3 million or about a third its present size, while Singa-pore (now 5.08 million) had only 1.89 million people.
That means at least one in three Singaporeans and Malaysians today were either not born yet or were too young to have any living memory of that chaotic past.
Behind the urgency is the compelling force of business and global competition.
With expanding giants like China and India and world trade becoming more complex, smaller countries are finding it harder to compete without merging interests.
Long realising this, the two prime ministers began a series of negotiations in recent years towards im-proving cooperation. Last month they succeeded where their predecessors had failed.
They signed an agreement to re-turn the 79-year-old train station at Tanjong Pagar and large tract of railway land to Singapore as part of a multi-billion dollar deal.
I will not regurgitate the details which have already been reported.
The tangible impact of their give-and-take attitude has provided a breakthrough in the following projects:
> Mass transport: A high-speed rail link between northern Singapore and Malaysia’s Johor Baru by 2018;
> Crossing point: Broadening the present congested causeway or possibly building a new bridge to link eastern Singapore to Johor;
> Business: A joint company (Malaysia owning 60%) to develop six plots of premier Singapore land worth S$11bil (RM27bil) as well as build an iconic project, probably a 200ha township, in Iskandar;
> Iskandar Malaysia: By 2025 with ease of transport and hopefully improved security, the huge metropolis of Iskandar – three times the size of Singapore – will be ready as a source of fun and services for our people just a hop away; and
> Closer residency: Driven by high costs at home, Singaporeans are seeking healthcare or buying residential properties in Johor.
A well-run Iskandar will likely be viewed as a tourism rival in some Asian cities that are seeking to lure high-spending Singaporeans and other visitors from the region.
As a journalist who has covered Singapore-Malaysia ties for the past 40 years, I detect a resultant sanguine mood, heralding in a new era. Even the old football rivalry is being revived.
As I watched emotions unfolding among ordinary people, especially older folk over the end of the Malayan railway era on this island, I recall some of my early writings on bilateral relations.
I had once wondered why – in the face of manufacturing challenges from China and India – our two nations are still competing to attract the same multinationals.
They are spending billions duplicating infrastructure and services rather than jointly cooperating to make us more competitive.
In 1989, Singapore proposed a Growth Triangle to merge resources among Singapore-Johor-Batam to meet China’s economic might, but received lukewarm response.
The concept was based on successful trade-investment zone in Guangdong-Shenzhen which had an abundance of cheap manpower and land, while Hong Kong provided finance and business acumen.
Why did the zone formula fail to take off when it had worked so well in South China, I wondered?
After all, the two groupings shared more or less similar conditions and objectives, which were to hitch on to each other’s strengths, while covering their weakness for the common good.
Was it mistrust or racial dissimilarity – or both? The timing may have been premature. Although called a Triangle, Singapore and Johor were the predominant parties.
Other bilateral problems remain but the successful pacts had given them confidence that there is enough goodwill to resolve them, too.
All this is a boost for those who have faith that South-East Asia’s Growth Triangle can one day work well – despite political and racial differences.
“The loss of history is sad but it has to be so,” said an elderly blogger.
“Only then, can Singapore and Malaysia finally put the merger ghost to rest.”
Tuesday, July 26, 2011
UEM Land to leverage on Sunrise expertise and S’pore infrastructure
By THEAN LEE CHENG
leecheng@thestar.com.my | Jun 29, 2011
UEM Land to leverage on Sunrise expertise and S’pore infrastructure
Good linkage: The future development’s proximity to the Marina Bay and future Downtown MRT stations will ensure that it is well served and easily accessible. — AFP
PETALING JAYA: The coming together of Khazanah Nasional Bhd and Temasek Holdings to develop RM30bil worth of real estate projects in Singapore and Iskandar Malaysia will help UEM Land Holdings Bhd make a great leap forward, both financially and in terms of branding, say analysts.
The tie-up also puts into focus why UEM Land launched an RM1.4bil takeover of property developer Sunrise Bhd, which was completed early this year.
“We believe UEM Land will be able to leverage on Sunrise’s expertise in lifestyle integrated developments to take on the proposed developments. As such, Sunrise will be taking the lead on behalf of UEM Land in undertaking these development projects,” said an OSK Research report.
UEM is among the top landowners in Iskandar Malaysia, with 1,300 acres of development land in the southern economic corridor. Among the several economic corridors spearheaded by the Government, Iskandar Malaysia remains the most upbeat and vibrant. In many ways, according to analysts, the alliance of the two government investment holding companies is expected to be a win-win proposition for both sides.
As a result of the Khazanah-Temasek joint venture (JV), UEM Land, together with Mapletree Investments Pte Ltd, have been appointed to oversee the marketing and development of four parcels of land at Marina South in Singapore.
UEM Land is the property arm of Khazanah, while Mapletree Investments is one of Temasek’s two real estate portfolio companies. The other Temasek property company is CapitaLand group.
The planned mixed-use development on the 2.62ha white site at Marina South would comprise two office towers with ancillary retail and two blocks of residential towers with a combined gross floor area (GFA) of 341,000 sq m, a statement from the Mapletree website said.
Located on adjoining sites behind the Marina Bay Financial Centre in the new financial and business cluster of Downtown Marina Bay, the development will be positioned between the proposed linear park and a major public open space above the Marina Bay MRT station. Its proximity to the Marina Bay and future Downtown MRT stations will ensure that it is well served and easily accessible.
Construction works are expected to commence in June 2012 with completion estimated in mid-2016.
At the same time, UEM Land will work with CapitaLand to oversee the Ophir-Rochor project in Singapore, located between the Kampong Glam Historic District and the Beach Road Conservation Area, in a new growth area envisioned to become a 24/7 mixed-use cluster. Like the Marina South parcels, the Ophir-Rochor parcels also have excellent connectivity.
By virtue of having Khazanah as an ultimate controlling shareholder, UEM Land (as with both Mapletree and CapitaLand in relation to Temasek) will be playing a huge role in this JV.
Sunrise, with its expertise and tangible portfolio of high-rise and high-end condominium in Mont’Kiara, will also have a huge role to play.
Hong Leong Research said: “UEM Land’s business model is primarily a two-pronged strategy of developing townships and niche projects – townships for stable income, complemented by niche projects to achieve enchanced growth and market branding. The bulk of its land is in Johor.”
With Khazanah’s JV, UEM Land’s opportunities have now broadened to include Singapore, where real estate is hot.
A UEM source said the success of Iskandar Malaysia is due to its proximity with the city state and its tremendous infrastructure, both economically and physically. Besides being a service and financial hub, it has an integrated transport system and other infrastructures like no other in South-East Asia.
“We are leveraging on Singapore’s tremendous connectivity. When we sell Iskandar, potential investors always ask – how many flights do we have in Iskandar Malaysia out to London? We ask them in return – how many flights do you want?
“The issue is not how many flights our domestic airport in Johor has, but how many flights does Changi Airport have? That is how close – geographically – we are to Singapore. Multiply that with the whole range of services that Singapore offers and you have the big picture. When we sell Iskandar, we are not just selling Johor; we are selling Johor and Singapore,” said the source.
http://www.starproperty.my/PropertyScene/TheStarOnlineHighlightBox/12943/0/0
leecheng@thestar.com.my | Jun 29, 2011
UEM Land to leverage on Sunrise expertise and S’pore infrastructure
Good linkage: The future development’s proximity to the Marina Bay and future Downtown MRT stations will ensure that it is well served and easily accessible. — AFP
PETALING JAYA: The coming together of Khazanah Nasional Bhd and Temasek Holdings to develop RM30bil worth of real estate projects in Singapore and Iskandar Malaysia will help UEM Land Holdings Bhd make a great leap forward, both financially and in terms of branding, say analysts.
The tie-up also puts into focus why UEM Land launched an RM1.4bil takeover of property developer Sunrise Bhd, which was completed early this year.
“We believe UEM Land will be able to leverage on Sunrise’s expertise in lifestyle integrated developments to take on the proposed developments. As such, Sunrise will be taking the lead on behalf of UEM Land in undertaking these development projects,” said an OSK Research report.
UEM is among the top landowners in Iskandar Malaysia, with 1,300 acres of development land in the southern economic corridor. Among the several economic corridors spearheaded by the Government, Iskandar Malaysia remains the most upbeat and vibrant. In many ways, according to analysts, the alliance of the two government investment holding companies is expected to be a win-win proposition for both sides.
As a result of the Khazanah-Temasek joint venture (JV), UEM Land, together with Mapletree Investments Pte Ltd, have been appointed to oversee the marketing and development of four parcels of land at Marina South in Singapore.
UEM Land is the property arm of Khazanah, while Mapletree Investments is one of Temasek’s two real estate portfolio companies. The other Temasek property company is CapitaLand group.
The planned mixed-use development on the 2.62ha white site at Marina South would comprise two office towers with ancillary retail and two blocks of residential towers with a combined gross floor area (GFA) of 341,000 sq m, a statement from the Mapletree website said.
Located on adjoining sites behind the Marina Bay Financial Centre in the new financial and business cluster of Downtown Marina Bay, the development will be positioned between the proposed linear park and a major public open space above the Marina Bay MRT station. Its proximity to the Marina Bay and future Downtown MRT stations will ensure that it is well served and easily accessible.
Construction works are expected to commence in June 2012 with completion estimated in mid-2016.
At the same time, UEM Land will work with CapitaLand to oversee the Ophir-Rochor project in Singapore, located between the Kampong Glam Historic District and the Beach Road Conservation Area, in a new growth area envisioned to become a 24/7 mixed-use cluster. Like the Marina South parcels, the Ophir-Rochor parcels also have excellent connectivity.
By virtue of having Khazanah as an ultimate controlling shareholder, UEM Land (as with both Mapletree and CapitaLand in relation to Temasek) will be playing a huge role in this JV.
Sunrise, with its expertise and tangible portfolio of high-rise and high-end condominium in Mont’Kiara, will also have a huge role to play.
Hong Leong Research said: “UEM Land’s business model is primarily a two-pronged strategy of developing townships and niche projects – townships for stable income, complemented by niche projects to achieve enchanced growth and market branding. The bulk of its land is in Johor.”
With Khazanah’s JV, UEM Land’s opportunities have now broadened to include Singapore, where real estate is hot.
A UEM source said the success of Iskandar Malaysia is due to its proximity with the city state and its tremendous infrastructure, both economically and physically. Besides being a service and financial hub, it has an integrated transport system and other infrastructures like no other in South-East Asia.
“We are leveraging on Singapore’s tremendous connectivity. When we sell Iskandar, potential investors always ask – how many flights do we have in Iskandar Malaysia out to London? We ask them in return – how many flights do you want?
“The issue is not how many flights our domestic airport in Johor has, but how many flights does Changi Airport have? That is how close – geographically – we are to Singapore. Multiply that with the whole range of services that Singapore offers and you have the big picture. When we sell Iskandar, we are not just selling Johor; we are selling Johor and Singapore,” said the source.
http://www.starproperty.my/PropertyScene/TheStarOnlineHighlightBox/12943/0/0
S'pore-Johor rapid transit link by 2018
S'pore-Johor rapid transit link by 2018
Posted: 27 June 2011 1751 hrs
SINGAPORE: The Singapore and Malaysian governments plan to open a rapid transit link between the city-state and the neighbouring city of Johor Bahru in Malaysia's south by 2018, both governments said in a joint statement on Monday.
"The terminating stations of the (rapid transit system) link will be in the vicinity of JB Sentral, Johor Bahru and in the vicinity of Republic Polytechnic, Singapore," the statement said.
"It is targeted that the RTS link will be operational by 2018. The RTS link will have a co-located (customs, immigration and quarantine) facility in Singapore and another co-located CIQ facility in Johor Bahru so that commuters need to clear immigration only once for each way of travel."
The announcement comes as Singapore's Foreign Affairs Minister, K Shanmugam, signed a written instrument which contains the implementation details of the Points of Agreement (POA) on Malayan Railway Land in Singapore approved by both governments.
Signing on behalf of the Malaysian government was Minister in the Prime Minister's Department, Nor Mohamed Yakcop.
The joint statement by the prime ministers of Singapore and Malaysia said that preparations for the relocation of Keretapi Tanah Melayu (KTM) from Tanjong Pagar to the Woodlands Train Checkpoint on July 1 are on track.
A joint venture company, called M+S Pte Ltd, and Iskandar JV Company will be established by Thursday.
M+S will develop the four land parcels in Marina South as an integrated development and the two land parcels in Ophir-Rochor, also as an integrated development.
Iskandar JV will undertake two wellness developments in Iskandar Malaysia.
In addition, Khazanah and Temasek will jointly consider other potential developments which are commercially viable in Iskandar Malaysia of up to 500 acres of land, inclusive of the said 215 acres.
Also on schedule is the implementation of the work plan to hand over the waterworks under the 1961 Water Agreement by Singapore free of charge and as a matter of goodwill after the expiry of the agreement on 31 August 2011.
Malaysian Prime Minister Najib Razak and Singapore Prime Minister Lee Hsien Loong expressed appreciation and satisfaction on the work done by the ministers and officials in achieving the historic breakthrough in the POA.
Both prime ministers also reiterated their commitments towards further strengthening bilateral relations.
They noted that the resolution of the POA would pave the way for the two countries to explore new areas of cooperation.
- CNA/ir
Posted: 27 June 2011 1751 hrs
SINGAPORE: The Singapore and Malaysian governments plan to open a rapid transit link between the city-state and the neighbouring city of Johor Bahru in Malaysia's south by 2018, both governments said in a joint statement on Monday.
"The terminating stations of the (rapid transit system) link will be in the vicinity of JB Sentral, Johor Bahru and in the vicinity of Republic Polytechnic, Singapore," the statement said.
"It is targeted that the RTS link will be operational by 2018. The RTS link will have a co-located (customs, immigration and quarantine) facility in Singapore and another co-located CIQ facility in Johor Bahru so that commuters need to clear immigration only once for each way of travel."
The announcement comes as Singapore's Foreign Affairs Minister, K Shanmugam, signed a written instrument which contains the implementation details of the Points of Agreement (POA) on Malayan Railway Land in Singapore approved by both governments.
Signing on behalf of the Malaysian government was Minister in the Prime Minister's Department, Nor Mohamed Yakcop.
The joint statement by the prime ministers of Singapore and Malaysia said that preparations for the relocation of Keretapi Tanah Melayu (KTM) from Tanjong Pagar to the Woodlands Train Checkpoint on July 1 are on track.
A joint venture company, called M+S Pte Ltd, and Iskandar JV Company will be established by Thursday.
M+S will develop the four land parcels in Marina South as an integrated development and the two land parcels in Ophir-Rochor, also as an integrated development.
Iskandar JV will undertake two wellness developments in Iskandar Malaysia.
In addition, Khazanah and Temasek will jointly consider other potential developments which are commercially viable in Iskandar Malaysia of up to 500 acres of land, inclusive of the said 215 acres.
Also on schedule is the implementation of the work plan to hand over the waterworks under the 1961 Water Agreement by Singapore free of charge and as a matter of goodwill after the expiry of the agreement on 31 August 2011.
Malaysian Prime Minister Najib Razak and Singapore Prime Minister Lee Hsien Loong expressed appreciation and satisfaction on the work done by the ministers and officials in achieving the historic breakthrough in the POA.
Both prime ministers also reiterated their commitments towards further strengthening bilateral relations.
They noted that the resolution of the POA would pave the way for the two countries to explore new areas of cooperation.
- CNA/ir
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