Khazanah, Temasek Successfully Deliver Iconic Joint Development Projects In Singapore

By Massita Ahmad & Nor Baizura Basri SINGAPORE, Jan 16 (Bernama) -- Khazanah Nasional Bhd and Temasek Holdings (Private) Ltd Monday marked the successful delivery of two iconic joint development projects here with the official opening of Marina One and DUO by Malaysian Prime Minister Najib Razak and Singapore Prime Minister Lee Hsien Loong. The successful completion and official opening of Marina One and DUO, worth a combined S$11 billion (S$1 = RM2.99) in gross development value, are the result of mutually-beneficial cooperation between Malaysia and Singapore, arising from the two countries’ strong and longstanding bilateral relationships. “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 on the strengths and complementarities of our two countries, in this instance, the collective strengths and competitive value propositions of Iskandar Malaysia and Singapore,” said Managing Director of Khazanah, Azman Mokhtar , in a joint statement issued here. 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. The development of Marina One and DUO, located in Marina South and Ophir-Rochor respectively, was undertaken by M+S Pte Ltd, which is owned 60:40 by Khazanah and Temasek respectively. 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. “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 the Khazanah and Temasek teams. “We look forward to the continued success of the projects,” Chief Executive Officer, Temasek International, Lee Theng Kiat, said. Marina One and DUO are integrated developments with office, retail and residential components, and have won multiple awards and recognition, including for sustainability and environmentally-friendly designs. The projects are well-positioned to tap to the continued 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. Meanwhile, when asked on whether M+S’ role would be further expanded beyond the two developments in Singapore, Azman said : "It is premature to say at this stage." Azman said this when met on the sidelines of the launching ceremony here. "Whether there is more it is not up to us to say because we have shareholder agreement to deliver this. But to deliver this does not mean (only) the development, it is also about the property management because we need to maintain the rental, the lease, and tenants … that is ongoing,” he said. Azman said M+S will continue its role as the property manager for these developments for the next three to five years. -- BERNAMA