Singapore investment firm Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional will jointly develop prime land parcels in both countries into projects worth about S$12.2 billion.
The two investment firms have established two subsidiaries – M+S Pte Ltd and Pulau Indah Ventures Sdn Bhd – for the purpose.
Temasek has a 40 percent stake in M+S while Khazanah owns the remaining 60 percent stake.
M+S will develop four land parcels in Marina South and two land parcels in Ophir Rochor, each as an integrated development.
The land parcels would be developed into mixed-use properties that will include office, residential, hotel and retail components with a combined permitted gross floor area of up to 501,020 square metres (sqm).
The project is estimated to cost them S$11 billion.
Khazanah’s subsidiary UEM Land Holdings and a subsidiary of Mapletree Investments, a Temasek portfolio company, have been appointed to oversee the marketing and development of the project at Marina South.
At the same time, a subsidiary of CapitaLand (another Temasek portfolio company) and UEM Land have been appointed to oversee the marketing and development of the Ophir-Rochor site.
Meanwhile Pulau Indah, a 50:50 joint venture between Khazanah and Temasek, will develop projects in Iskandar Malaysia in Johor.
Two sites, one in Medini North and the other at the Heritage Cluster in Medini Central, have been confirmed.
Pulau Indah intends to develop serviced apartments, a corporate training centre, and commercial, retail, residential and wellness-related offerings on these sites.
The Iskandar Malaysia project costs about S$1.2 billion (3 billion ringgit) and will cover a vast 1.36-million sqm land.
Planning and design works on the projects began on the first quarter of this year.
In a separate statement, CapitaLand said that it has appointed its chief operating officer Mr Lim Ming Yan to lead several key projects for the Ophir-Rochor site.
It added that the Ophir-Rochor site is located between the Kampong Glam Historical District and the Beach Road Conservation Area.
The site also enjoys excellent connectivity with the existing Bugis MRT Station and the upcoming Downtown Line Bugis MRT Interchange. The total permissible gross floor area for the site is 160,020 sq m.
Source : Channel NewsAsia – 27 Jun 2011