Malaysia and Singapore to finalise KTM Bhd land swap proposal

PUTRAJAYA: Malaysia and Singapore have agreed to finalise the land swap proposal involving KTM Berhad land in the island republic within three months.

Prime Minister Datuk Seri Najib Tun Razak said Malaysia needed to look into details of the Singapore offer, adding that he was looking forward to go to Singapore with a final resolution of the Points of Agreement (PoA) issue on the status of KTMB land.

“I wish to thank Prime Minister Lee Hsien Loong for the offer. We both agree the final land swap decision should be finalised within three months from today,” he told a joint press conference with Lee here yesterday. Malaysia and Singapore broke a 20-year impasse on the status of KTMB land last month following the leaders’ retreat in Singapore.

Both countries agreed that KTMB land in Tanjung Pagar, Kranji, Woodlands and Bukit Timah be vested in M-S Pte Ltd for joint development. In turn, the land could be swapped for land in Marina South and Ophir Rochor in Singapore.

A decision was also made to move the KTM railway station in Tanjung Pagar to Woodlands by July 1 next year. Khazanah Nasional Berhad holds a 60% stake and Singapore’s Temasek Holdings Limited 40% in M-S Pte Ltd.

Lee said he came to Malaysia with an offer on the land swap which laid out several variations for the Malaysian Government to choose.

“We exchanged preliminary perspective and views. This is a major decision which Malaysia will further think over and Singapore will take back comments that Malaysia has made and we will consider them.

“It is something which we want to clear expeditiously. Three months means the end of September which will be after Hari Raya Aidilfitri. It will be a good moment to have a final settlement of this matter,” he said.

Asked whether other outstanding issues, including the use of air space, the Central Provident Fund monies and water were discussed, Lee said the focus of the meeting was on PoA and the rest would be resolved progressively one by one.

Officials said the three-month time-frame was necessary as many details still needed to be worked out. “We need to consult many parties before a final agreement can be achieved,” said an official.