CapitaLand's Portfolios In Malaysia, Singapore To Benefit From HSR

SINGAPORE, July 20 (Bernama) -- CapitaLand Limited's portfolio of shopping malls and serviced residences in Malaysia and Singapore stand to benefit from the Kuala Lumpur-Singapore High-Speed Rail (HSR) project. Its President and Group Chief Executive Officer, Lim Ming Yan said CapitaLand welcomes the signing of the Memorandum of Understanding (MoU) Tuesday for the HSR connecting the capital cities of both countries. "By reducing the travelling time between Kuala Lumpur and Singapore to about 90 minutes when the HSR is operational by 2026, it will boost connectivity, forge closer ties and promote greater economic integration between Malaysia and Singapore," he said in a statement. The MoU signing ceremony held in federal administrative capital of Putrajaya Tuesday was witnessed by Prime Minister Najib Razak and his Singapore counterpart Lee Hsien Loong. Lim said with about 100,000 additional commuters estimated to use the service daily, the HSR is set to stimulate both business and leisure travels between the two countries. "It will facilitate the seamless flow of individuals and business people between the two countries to attend meetings, conferences and exhibitions in both countries, while for leisure, the HSR is expected to increase the number of day trips and short stays," Lim said. In Singapore, CapitaLand owns and manages 19 malls, including three near the upcoming HSR terminal in Jurong East, namely Westgate, JCube and IMM. In Malaysia, CapitaLand has seven shopping malls and 15 serviced residences under the Ascott, Citadines and Somerset brands with over 3,000 units in Kuala Lumpur, Putrajaya and Iskandar Puteri. CapitaLand's serviced residence business unit, Ascott, has nine properties in Singapore with over 1,000 units, including Citadines Fusionopolis Singapore in the one-north development near Jurong East. In Malaysia, it has seven shopping malls, including Sungei Wang Plaza and the upcoming Melawati Mall in Kuala Lumpur. For Singapore, the HSR terminals would be in Jurong East. In Malaysia, it will have seven stations, namely in Bandar Malaysia, Putrajaya, Seremban, Ayer Keroh, Muar, Batu Pahat, and Iskandar Puteri. The 350km rail would reduce travel time between the two countries to just 90 minutes, with speeds of over 300km/hour. -- BERNAMA