The integrated real estate venture named DUO, is estimated to be worth RM10.2 billion.
by P Vijian
PEYALING JAYA: Khazanah Nasional Bhd and Singaporeâ€™s Temasek Holdings Pte Ltd are jointly developing posh residential and commercial projects in the island state with a gross development value (GDV) of RM10.2 billion.
The integrated real estate venture named DUO, is undertaken by M+S Pte Ltd, a joint venture (JV) between both Khazanah, Malaysia strategic investment fund, and Temasek, Singaporeâ€™s state-owned investment arm.
Under the JV formed in June 2011, Khazanah owns a 60% stake while Temasek has 40%.
M+S will develop four land parcels in Marina South and two land parcels on Ophir- Rochor road, a business district â€” each as an integrated development.
The mixed project on Ophir-Rochor road comprises two towers â€” one featuring 660 premium residences and the other offering office space, a 39-storey five-star hotel and retail gallery. This project will be launched in the middle of this month.
Piling works for the project, perched at the bustling Ophir- Rochor business centre in Singapore, have been completed and construction for the super structure will begin this year.
The project is scheduled to be completed by end-2017. â€śThe Singapore property market has been quite resilient, recent launches are doing well, it depends on locations and this project is in the city.
â€śWe are very confident the project will do well and it is backed by two strong stakeholders as developers,â€ť M+S COO Kemmy Tan Peck Mun said at a media preview last Friday in Kuala Lumpur.
UEM Sunrise Bhd, a member of the UEM group, and Capital Land Ltd have been appointed project managers to handle marketing and project development respectively.
Property prices range from RM2.5 million for a 650 sq ft one-room condominium to RM11 million for a 1,900 sq ft four-bedroom unit. All the units come with bedroom and kitchen fittings.
These properties are on a 99- year leasehold (with effect from July 1, 2011).
M+S is targeting buyers from Malaysia and other Asian countries.
The JV between two neighbouring entities comes under a land swap deal signed in 2010 between Malaysia and Singapore to settle Malaysiaâ€™s railway land located in the island state based on the 1990 Points of Agreement.