Jurong Lake District is where the terminus for the high speed rail was to have been sited - into Singapore’s second central business district.
The report said the termination of the project could set back by several years the development of the Jurong Lake District as plans were based on the realisation of a high-speed rail terminus in the area.
The Straits Time said planning work had already began on Singapore’s end. For example, Singapore’s Land Transport Authority had called for tenders for the design and construction of tunnels and associated facilities for Singapore’s end of the HSR last month, with construction expected to start next year.
Additionally, the Urban Redevelopment Authority had last year unveiled plans to turn the Jurong Lake District into Singapore’s second Central Business District.
“There are other development plans for the area, but the HSR Terminus would have been the jewel in the crown of the area,” said National University of Singapore transport lecturer Lee Der Horng was quoted as saying by the Straits Times.
The absence of the rail connection will make the district less attractive to businesses as the development of the area was dependent on the fruition of the HSR, said International Property Advisor chief executive Ku Swee Yong said.
The Singapore government has also invested a fair bit in planning and early projections for the project such as engaging planners and civil engineers, said Azman Jaafar, deputy managing partner of RHTLaw Taylor Wessing and chairman of Asean Plus Group.
The Malaysian Government has confirmed that Malaysia would drop the project and would potentially have to pay RM500mil in compensation.
Prime Minister Tun Dr Mahathir Mohamad said Malaysia would discuss the matter with Singapore soon with the aim of handling the project cancellation in a “least-cost manner”.
The 350 km HSR project with the Singapore portion covering 15 km -- was scheduled to be completed by 2026.
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