Marina One project on schedule

Singapore’s Temasek Holdings

SINGAPORE: The topping-up ceremony for Marina One, a major development project here undertaken by M+S, a joint venture by Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings, was held yesterday.

About 30 per cent of the office portion and 50 per cent of the retail portion have already been booked. The project is expected to be completed next year.

The development comprises two Grade A office towers of about 1.88 million sq ft in net lettable area; 1,042 apartments and 140,000 sq ft of retail space.

So far, M+S has sold about 368 apartments and has launched 401 units in one tower for sale. More apartments will be launched for sale when the project is completed, according to the Straits Times.

Khazanah director Azman Yahya is chairman of M+S.

In February 2013, the prime ministers of Malaysia and Singapore unveiled the design of the project located in the republic’s central business district.

Malaysian Prime Minister Najib Razak had said then: “We have a real winner in Marina One…. This is the beginning of a very exciting project.”

Kemmy Tan, M+S chief executive, was quoted in the Straits Times report as saying it had secured “some of the largest office leasing deals” this year. She added: “We continue to be in active negotiations with many other multinational companies which are looking at securing office spaces over multiple floors.”

One tenant said to have signed a deal for several floors is PwC Singapore, which is taking up more than 200,000 sq ft of space.

M+S’s other large integrated project is DUO in Bugis, which comprises a Grade A office tower of about 570,000 sq ft in net lettable area; 660 apartments; 56,000 sq ft of retail space and a 342-room hotel. That too is expected to be ready next year.