Khazanah-Temasek Joint-venture Projects On Track For Completion By 2017 - Ali Hamsa
Oct 19, 2013
SINGAPORE: The mega Duo and Marina One projects are on track for completion by 2017, says Chief Secretary to the Malaysian Government Tan Sri Dr Ali Hamsa.
Ali, who is on his first official visit to Singapore, said he had made a brief visit to the site of the joint-venture (JV) projects between Khazanah Nasional Bhd and Temasek Holdings (Pte) Ltd.
"I had the opportunity to visit the site of the joint development projects between Khazanah and Temasek - Marina One in Marina Bay and Duo in Ophir-Rochor Road - and have been briefed on the progress by the officials.
"I am happy to about the progress of the projects which are on schedule.
"God willing, the projects will be successful and achieve their objectives," he told a popular English daily at the Changi International Airport before departing for Kuala Lumpur.
Also present were Malaysian High Commissioner to Singapore, Datuk Husni Zai Yaacob and Director-General of Public Service, Tan Sri Mohamad Zabidi Zainal, who accompanied the chief secretary here.
The JV projects came about after a successful deal in Singapore that were agreed upon under the Points of Agreement. Prime Minister Datuk Seri Najib and his Singapore counterpart Lee Hsien Loong had in 2010 came to an agreement on the Malayan Railway land in Singapore.
Duo and Marina One saw the creation of M+S Pte Ltd by Temasek and Khazanah to develop these two prime sites. M+S is a 60:40 JV between Khazanah and Temasek.
Both projects have a total development value of S$11 billion and will comprise residential, grade A offices and retail components.