By LYDIA NATHAN / Pic By TMR File
Khazanah Nasional Bhd and Temasek Holdings Pte Ltd marked the successful delivery of two iconic joint development projects, Marina One and DUO in Singapore.
These projects were officially launched by Prime Minister Datuk Seri Mohd Najib Razak and Singapore Prime Minister Lee Hsien Loong yesterday.
“The successful completion and official opening of Marina One and DUO — worth a combined S$11 billion (RM29 billion) in gross development value — are the result of mutually beneficial cooperation between Malaysia and Singapore, arising from the two countries’ strong and longstanding bilateral relationship,” both companies said in a statement.
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.
These projects are integrated developments with office, retail and residential components.
“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,” Khazanah MD Tan Sri Azman Mokhtar said.
Meanwhile, Temasek CEO Lee Theng Kiat said this project marks a milestone in the joint developments in Singapore with Khazanah.
“We are very pleased with the completion of the two M+S projects, Marina One and DUO, in Singapore. 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,” he said. The developments have been recognised for its environmentally friendly designs and have attracted a strong market interest.
They also recorded significant take-up rates for their respective residential and commercial components, securing key anchor tenants — including global multinational companies.