Khazanah, Temasek joint-venture projects doing well, says Singapore PM

  • Business
  • Wednesday, 30 Nov 2016

OVERWHELMING RESPONSE: Lee Hsien Loong opened the conversation on his personal Facebook page from the social network

SINGAPORE: The Malaysia-Singapore joint-venture company, M+S Pte Ltd, is doing well, says Singapore Prime Minister Lee Hsien Loong.

M+S is a joint venture owned by Khazanah Nasional Bhd and Temasek Holdings.

It was tasked with carrying out a joint development in Marina South and the Ophir-Rochor area in Singapore, as well as in Iskandar Malaysia.

"I see the projects at Marina South and at Ophir-Rochor, both buildings are coming up and rising steadily. I read that they have reasonable sales so I think the projects will succeed," Lee said in an interview with Bernama on Monday.

In June this year, M+S announced it had secured strong office leasing pre-commitments of over half a million sq ft for Marina One.

M+S said they were some of the largest office leasing deals in 2016 and that it will actively continue negotiations with many other multinational companies that are looking at securing office spaces over multiple floors.

The 3.67-million-sq-ft development comprises Marina One East and West Towers, two prime Grade-A office towers covering about 1.88 million sq ft, 1,042 units of luxury city residences, 140,000 sq ft of retail space and 65,000 sq ft of greenery.

M+S said the development of Marina One is on track for completion in 2017.

In 2011, Lee and Malaysia's Prime Minister Datuk Seri Najib Tun Razak signed an agreement to settle the dispute over certain parcels of land in Singapore that once belonged to Malayan Railway.

The highlight of that agreement was the setting up of the joint-venture company, M+S.

On the Iskandar side, Lee noted that there are two iconic projects, one of which is the Afiniti Medini Wellness Centre.

"I think they are making good progress, too," he said.

Both prime ministers had previously said that M+S projects are seeing "good support from the market". - Bernama
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