The integrated real estate venture named DUO, is estimated to be worth RM10.2 billion.
by P Vijian
PEYALING JAYA: Khazanah Nasional Bhd and Singapore‚Äôs 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, Singapore‚Äôs 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 ‚ÄĒ each as an integrated development.
The mixed project on Ophir-Rochor road comprises two towers ‚ÄĒ 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. ‚ÄúThe Singapore property market has been quite resilient, recent launches are doing well, it depends on locations and this project is in the city.
‚ÄúWe are very confident the project will do well and it is backed by two strong stakeholders as developers,‚ÄĚ 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 Malaysia‚Äôs railway land located in the island state based on the 1990 Points of Agreement.