Khazanah Nasional Bhd and Temasek Holdings Pte Ltd have completed and delivered the Marina One and DUO joint development projects in Singapore, worth a combined S$11 billion (RM32.9 billion) in gross development value.
In a joint statement yesterday, Khazanah and Temasek said the projects are the result of mutually beneficial cooperation between Malaysia and Singapore, arising from the two countries’ strong and long-standing bilateral relationship.
The two iconic joint development projects were officially opened by Prime Minister Datuk Seri Najib Razak and Singapore Prime Minister Lee Hsien Loong yesterday.
The development of the projects was undertaken by M+S Pte Ltd, which is 60% held by Khazanah and 40% by Temasek.
Marina One and DUO, which are integrated developments comprising office, retail and residential components, are positioned to tap into the growth of the M+S was established in 2011 to develop land parcels in the Marina South and Ophir-Rochor areas, following the full implementation of the points of agreement between Malaysia and Singapore in 2011.
In addition, Khazanah and Temasek are undertaking joint developments in Iskandar Malaysia through Pulau Indah Ventures Sdn Bhd — a 50:50 joint venture that is developing the Afiniti Medini and Avira integrated wellness projects. Afiniti Medini was completed in 2016.