“The payment of S$102,815,576.00 has been made by the Malaysian government to reimburse Singapore for costs incurred for the development of the HSR project, and in relation to the extension of suspension of the project,” Singapore’s transport ministry and Malaysia’s Economic Planning Unit under the Prime Minister’s Office said in a joint statement.

“The two countries reached an amicable agreement on the amount following a verification process by the government of Malaysia,” the statement said.

“This amount represents a full and final settlement in relation to the termination of the bilateral agreement.”

On New Year’s Day, the two governments announced the HSR project had been called off after the bilateral agreement lapsed.

Previously, a well-placed source in Putrajaya told FMT the compensation Malaysia would have to pay Singapore would be around RM320 million.

Economic affairs minister Mustapa Mohamed said last month that the compensation would cover certain costs incurred by Singapore for the project but refused to reveal the exact amount as he said both countries were bound by a secrecy clause under the bilateral agreement.

Last May, Singapore agreed to a Malaysian request to postpone the start of the project to the end of last year to allow for discussions on changes that Putrajaya had in mind.

Mustapa has also said disagreements over project structure, alignment and station design had caused the project to fall through.

However, Singapore’s transport minister Ong Ye Kung said the project had failed because Malaysia had wanted to do away with the jointly tendered asset company, which he said was not part of the deal signed in 2016.

The 350km HSR line proposed to reduce travel time between Singapore and Kuala Lumpur to 90 minutes.

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