MALAYSIA and Singapore mark the delivery of two joint development projects in Singapore with the official opening of Marina One and DUO by Prime Minister Datuk Seri Najib Razak and Singapore Prime Minister Lee Hsien Loong.
Khazanah Nasional Bhd and Temasek Holdings (Private) Ltd yesterday announced the completion and official opening of Marina One and DUO, worth a combined S$11 billion (RM33 billion) in gross development value.
The project is a result of cooperation between Malaysia and Singapore arising from the two countries’ strong and long-standing bilateral relationship.
Khazanah managing director Tan Sri Azman Mokhtar said: “The successful delivery of 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.”
Temasek International chief executive officer Lee Theng Kiat said: “We are pleased with the completion of two M+S projects, Marina One and DUO in Singapore, which marks a significant milestone in the joint developments in Singapore with Khazanah.”
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 projects that 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 (M+S), which is owned 60:40 by Khazanah and Temasek.
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 (POA) 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.
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.
Marina One and DUO are well positioned to tap into 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 residential and commercial components, securing key anchor tenants, including multinational companies.