The story behind the Marina One and Duo joint venture
KUALA LUMPUR, Jan 15 — The Marina One in Marina Bay and Duo in Bugis projects by M+S arose from a landmark land swap deal in 2010 between Singapore and Malaysia.
The joint venture between Singapore state investment firm Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional was launched yesterday by Singapore Prime Minister Lee Hsien Loong with Malaysian Prime Minister Najib Razak in attendance.
The 2010 deal ended a 20-year wrangle between the two Southeast Asian neighbours over plots of railway land in Singapore previously under Malaysian control.
As a result of the deal, three plots of former Malayan Railway land and three additional plots in Bukit Timah were exchanged for four land parcels in Marina South and two parcels in Ophir-Rochor, with M+S set up as a joint venture to develop the new plots.
Khazanah owns a 60 per cent stake in the joint venture while Temasek has a 40 per cent share.
The S$7 billion (RM20.89 billion) Marina One covers 3.67 million sq ft and has two 30-storey office towers, with two floors spanning about 100,000 sq ft — one of the largest in Asia.
It also has two residential blocks with more than 1,000 units and a retail podium of 140,000 sq ft.
At the centre of the complex is a multi-level biodiversity garden, the size of five Olympic-sized swimming pools.
The S$4 billion Duo has a total gross floor area of around 1.73 million sq ft, separated into a 49-storey residential block with 660 units, and a 39-storey commercial tower with a retail gallery, office spaces and hotel.
Najib and Lee are scheduled to meet for bilateral discussions and witness the signing of a bilateral agreement for the Rapid Transit System linking Johor and Singapore today.
Announced in 2010, the rail link will connect Woodlands in Singapore and Bukit Chagar in Johor via a high bridge across the Straits of Johor.
Construction is set to start in 2019, with passenger service due to start by the end of 2024.