by Lydia Lim
SINGAPORE and Malaysia have agreed on a revised land swap deal on the Malayan Railway land following breakthrough talks between the leaders of both countries on Monday.
Malaysian Prime Minister Najib Razak accepted offer by Singapore for four land parcels in Marina South and two pieces in Orphir-Rochor in exchange for three parcels of KTM land in Tanjong Pagar, Kranji and Woodlands, and three pieces in Bukit Timah.
M-S Pte Ltd, a 50-50 joint venture between Khazanah Nasional Bhd and Temasek Holding, will handle the six Singapore land land parcels for joint development when KTM vacates the Tanjong Pagar railway station to the Woodlands train checkpoint by July next year. Malaysia will also co-locate its railway Custom, Immigration and Quarantine (CIA) facilities to the Woodland checkpoint.
The four Marina South parcels are located in Marina Bay, while the two Ophir-Rochor sites are next to the Kampong Glam historic district, in a new growth corridor that is being developed as an extension of Singapore's Central Business District.
The two leaders, however, could not agree on the development charges payable on the three KTM land in Tanjong Pagar, Kranji and Woodlands. They agreed to settle the issue amicably through the Permanent Court of Arbitration, and will 'accept the arbitration award as final and binding,' said a joint statement issued by the two PMs after their talks in Singapore.
Speaking to reporters after the talks with Singapore Prime Minister Lee Hsien Loong, Mr Najib said the deal is 'mutually beneficial.' Both prime ministers said it enables the two sides to move forward and cooperate on other issues like the planned rapid transit system and development of a wellness township project in Iskandar Malaysia.
A joint implementation team will complete discussion on the details of the implementation of the Points of Agreement by Dec 31.