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Monday, April 30, 2012

Khazanah plans S$7b project in Singapore

Khazanah Nasional Bhd is launching a prestigious project, estimated to be worth over S$7 billion (RM17.19 billion), at Marina South in Singapore by the end of this year or early 2013.

The yet-to-be-named mixed-use integrated project will be developed by M+S Pte Ltd (MSPL),which is 60 per cent-owned by Khazanah, the government’s investment arm, and 40 per cent by Singapore’s investment arm Temasek Holdings (Private) Ltd.

The project will feature four prominent residential and office towers, as well as a retail podium, and linked to the Marina and Downtown MRT lines, MSPL chairman Datuk Azman Yahya told Business Times.

MSPL had secured funding for the project with eight banks in March.

Azman said that the project, which is designed by Germany-based Ingenhoven Architects, is set to be the gravitational epicentre of Singapore’s new Central Business District.

This is the second development for MSPL in Singapore. The company is developing land parcels at Ophir-Rochor, which is estimated to have a gross development value exceeding S$4 billion (RM9.82 billion).

The two projects are expected to be completed over the next six years.

The project managers for both the Marina South and Ophir-Rochor developments are indirect wholly-owned subsidiaries of UEM Land Holdings Bhd, which is the real estate arm of Khazanah, and Singapore’s Mapletree Investments Pte Ltd and CapitaLand Ltd.

At the recent Asia Pacific Property Awards 2012, the project at Marina South, which will be Green Mark Platinum-rated, won three national awards – high-rise architecture, mixed-use architecture and mixed-use development.

“MSPL has made tremendous headway in bringing our vision to life with this project and the awards recognition is testament to our commitment in creating a superlative landmark development in the
heart of Marina South which sets the standard for international excellence in design and sustainability for integrated living.

“This area has been identified by the Urban Redevelopment Authority as a growth area of Singapore in establishing a global business and financial hub,” said Azman in an interview.

The project’s eminent neighbours will include Marina Bay Sands, Singapore Flyer, Esplanade Theatres on the Bay and the upcoming Gardens by the Bay.

By Business Times

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