Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 15): Khazanah Nasional Bhd and Temasek Holdings (Private) Ltd have completed and delivered the Marina One and DUO joint development projects in Singapore, worth a combined S$11 billion in gross development value.

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

In a joint statement today, Khazanah and Temasek said the projects are the result of mutually beneficial cooperation between Malaysia and Singapore, arising from the two countries’ strong and longstanding 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," they added.

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

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 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 collaboration and partnership that leverage the strengths and complementarities of our two countries, in this instance the collective strengths and competitive value propositions of Iskandar Malaysia and Singapore,” said Khazanah manging director Tan Sri Azman Mokhtar.

Temasek International chief executive officer Lee Theng Kiat said he is pleased with the completion of the projects, which has 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 in Singapore, 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.

Strategically located in the heart of the Marina Bay financial district, Marina One offers a mix of Grade-A offices, lifestyle amenities, luxury residences and the largest biodiversity garden within Singapore’s central business district.

The development also boasts two high density floors of approximately 100,000 sq ft each – the largest prime Grade-A office floor plates in Asia – allowing for workspace flexibility and efficiencies. Tenants include Swiss private bank Julius Baer, consultancy PwC Singapore, co-working space provider JustCo, financial services provider Prudential, ride hailing platform Grab, agri-business Olam International, BP Global, Daiwa Capital and Mitsubishi UFJ Financial Group.

Marina One Residences has recently been completed and the unlaunched tower will be released for sale in 2018.

The development also comprises a variety of lifestyle experiences and signature dining outlets within The Heart, a retail podium consisting of premium lifestyle retailers with many new-to-market brands. Retailers include Virgin Active, Nude Grill, Wakanui Grill, Majestic Restaurant, Teppei Syokudo, Wolf Burger and Cookhouse by Koufu.

DUO is located in the Ophir-Rochor district near Singapore’s city centre and adjacent to Kampong Glam, a Malay heritage conservation district. The only Grade-A office space within the micromarket, DUO brings to life a new district with the introduction of niche and fast-growing industries. Tenants include Abbott Laboratories, Mastercard, Regus Serviced Offices and Golden Equator Group, Amcor and Chevron.

Owing to its unique proposition, DUO is also home to Andaz Hotel Singapore, a five-star boutique-inspired hotel brand by Hyatt Hotels & Resort. The first of its kind in Southeast Asia, Andaz provides a novel experience to guests by weaving the city’s local culture and Ophir-Rochor’s rich heritage into its aesthetics and offerings. DUO Residences received its first resident in July 2017.

DUO’s retail offerings include curated lifestyle experiences which are complementary to the offerings in the vicinity. An expansion to the food diversity, its retail mix consists of new-to-market concepts and features food and beverage outlets from the world over – Peruvian, French, Japanese and Spanish. Tenants include Man Japanese Unagi Restaurant, TONO Cevicheria and Pizza Express.

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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