KUALA LUMPUR: Marina One and DUO, two iconic integrated developments jointly developed by the state investment arms of Malaysian and Singapore, have been officially opened in Singapore.
M+S Pte Ltd, the developer of the projects, is a joint venture vehicle 60:40 owned by Khazanah Nasional Bhd and Temasek Holdings (Private) Ltd, respectively.
Prime Minister Datuk Sri Mohd Najib Tun Abdul Razak and Singapore Prime Minister Lee Hsien Loong officiated the opening of the developments, which are worth a combined S$11bil in gross development value.
The mixed-use developments are well-positioned to tap into the continued growth of the property and commercial sectors, said Khazanah and Temasek in a joint statement released Monday, adding that they have recorded significant take-up rates and secured the tenancy of global multinational companies.
“Marina One and DUO also serve as a testament to the close collaboration between Khazanah and Temasek, and their commitment and capabilities to jointly deliver two major iconic projects that ultimately benefit both countries.”
The state investment firms are also undertaking join developments in Iskandar Malaysia through Pulau Indah ventures Sdn Bhd, a 50:50 joint venture developing the Avira integrated wellness and already-completed Afiniti Medini projects.
“The successful delivery of the world-class joint development projects by Khazanah and Temasek demonstrates what we can achieve through strong collaboration and partnership that leverage the strengths and complementarities of our two countries, in this instance the collective strengths and competitive value propositions of Iskandar Malaysia and Singapore,” said Tan Sri Azman Mokhtar, managing director of Khazanah.
“We are very pleased with the completion of the two M+S projects, Marina One and DUO in Singapore, which marks a significant milestone in the joint developments in Singapore with Khazanah. This was supported by the strong partnership and smooth collaboration between both the Khazanah and Temasek teams. We look forward to the continued success of the projects,” added Lee Theng Kiat, CEO of Temasek International.