The Malaysians may seems to get a better deal out of this but
its a way to take back our Sovereignty and most importantly we
solve the problem.
Land to be given to Malaysia worth billions: analyst
Wed, Sep 22, 2010
AFP
SINGAPORE - The prime pieces of land Singapore will give a
Malaysian-led consortium to resolve a long-standing dispute is
worth up to $7 billion, a leading property analyst said
Tuesday.
The parcels, located around Singapore's glamorous Marina Bay,
were ceded in a land swap agreed Monday under which Malaysia will
give up property it has owned inside Singapore as part of a railway
dating back to British colonial rule over both countries.
Singapore offered 5.29 hectares (13.1 acres) of land in two
plots, according to a fact sheet provided by the ministry of
national development (MND).
A company known as M-S Pte Ltd will take ownership of the land
for development, with 60 per cent of the equity held by Malaysian
investment agency Khazanah Nasional Berhad and 40 per cent by
Singapore's Temasek Holdings.
The plots, loosely referred to as the "Marina South" and
"Ophir-Rochor" parcels, were designated as "white" land use areas
by the MND which means they could be used for high-value
commercial, hotel or residential projects.
The Ophir-Rochor land parcels "can range anywhere from 1.38
billion to 1.9 billion" in the current property market, said
Nicholas Mak, executive director of research and consultancy at SLP
International Property Consultants.
"The one at Marina (South) can range from 3.5 billion to five
billion," he told AFP.
Malaysia's ownership of railway land that goes deep into
Singapore territory had been an irritant for decades but both
countries have vowed to resolve all outstanding issues and promote
long-term cooperation.
The railway tracks that cuts Singapore into half.