Kuala Lumpur: Malaysia and Singapore's sovereign wealth funds have teamed up to undertake RM30 billion worth of development projects in Iskandar Malaysia and the island state.
Khazanah Nasional Bhd and its Singapore counterpart, Temasek Holdings (Pte) Ltd, have set up two joint venture companies to undertake the projects.
This is the first joint development investment between the two funds.
Khazanah will own a 60 per cent stake in M+S Pte Ltd that will develop land parcels in Marina South and Ophir-Rochor in Singapore.
The developments there will boast a gross development value (GDV) of RM27 billion with a permitted gross floor area of up to 501,020 square metres (sqm).
The Singapore projects include the development of offices, residential units, hotel as well as retail units.
Another joint venture, Pulau Indah Ventures Sdn Bhd - which is equally owned by Khazanah and Temasek - will develop projects in Iskandar Malaysia, Johor. They will have a GDV of RM3 billion and a permitted gross floor area of up to 1.37 million sqm.
"The development in Iskandar with Temasek will be highly complementary and builds on the momentum of existing and planned projects in Iskandar Malaysia, in which Khazanah has been involved since 2006," Khazanah managing director Tan Sri Azman Mokhtar said in a statement yesterday.
"Both these projects mark our first joint development investment with Temasek, and we look forward to a strong and fruitful partnership in both Singapore and Iskandar Malaysia," Azman added.
Temasek chief executive officer and executive director Ho Ching said: "Both the Khazanah and Temasek teams put in tremendous effort, working very closely together to develop the best ideas possible for our joint projects.
"We were also very fortunate to have the expert and highly professional support of leading real estate companies like UEM Land from Malaysia as well as Mapletree and CapitaLand from Singapore," she added.
UEM Land Holdings Bhd, Khazanah's property arm, will work with Mapletree Investment Pte Ltd, a Temasek portfolio company, to oversee the marketing and development of the project at Marina South.
At the same time, UEM Land will work with Capita-Land Ltd to oversee the Ophir-Rochor project.
So far, two sites in Iskandar Malaysia - one in Medini North and the other at the Heritage Cluster in Medini Central - have been confirmed.
Pulau Indah plans to develop serviced apartments, a corporate training centre, as well as commercial, retail, residential and wellness-related offerings on the sites.
By Business Times
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