Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on January 16, 2018

KUALA LUMPUR: Khazanah Nasional Bhd and Temasek Holdings Pte Ltd have completed and delivered the Marina One and DUO joint development projects in Singapore, worth a combined S$11 billion (RM32.9 billion) in gross development value.

In a joint statement yesterday, Khazanah and Temasek said the projects are the result of mutually beneficial cooperation between Malaysia and Singapore, arising from the two countries’ strong and long-standing bilateral relationship.

"Marina One and DUO also serve as a testament to the close collaboration between Khazanah and Temasek, and their commitment and capabilities to jointly deliver two major iconic projects that ultimately benefit both countries," it added.

The two iconic joint development projects were officially opened by Prime Minister Datuk Seri Najib Razak and Singapore Prime Minister Lee Hsien Loong yesterday.

The development of the projects was undertaken by M+S Pte Ltd, which is 60% held by Khazanah and 40% by Temasek.

Marina One and DUO, which are integrated developments comprising office, retail and residential components, are positioned to tap into the growth of the property and commercial sectors and have attracted strong market interest.

"The two developments have recorded significant take-up rates for their respective residential and commercial components, securing key anchor tenants including global multinational companies," said Khazanah and Temasek.

“The successful delivery of the world-class joint development projects by Khazanah and Temasek demonstrates what we can achieve through strong collaborations and partnerships that leverage the strengths and complementarities of our two countries, in this instance the collective strengths and competitive value propositions of Iskandar Malaysia (Johor) and Singapore,” said Khazanah managing director Tan Sri Azman Mokhtar.

Temasek International chief executive officer Lee Theng Kiat said he is pleased with the completion of the projects, which marked a milestone between the two sovereign wealth funds.

“We are very pleased with the completion of the two M+S projects — Marina One and DUO, which marks a significant milestone in the joint developments in Singapore with Khazanah.

“This was supported by the strong partnership and smooth collaboration between both the Khazanah and Temasek teams. We look forward to the continued success of the projects,” said Lee.

M+S was established in 2011 to develop land parcels in the Marina South and Ophir-Rochor areas, following the full implementation of the points of agreement between Malaysia and Singapore in 2011.

In addition, Khazanah and Temasek are undertaking joint developments in Iskandar Malaysia through Pulau Indah Ventures Sdn Bhd — a 50:50 joint venture that is developing the Afiniti Medini and Avira integrated wellness projects. Afiniti Medini was completed in 2016.

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