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.