Khazanah Nasional Berhad (“Khazanah”) and Temasek Holdings (Private) Limited (“Temasek”) today marked the successful delivery of two iconic joint development projects in Singapore, with the official opening of Marina One and DUO by Malaysia Prime Minister Dato’ Sri Mohd Najib Tun Abdul Razak and Singapore Prime Minister Mr Lee Hsien Loong.
The successful completion and official opening of Marina One and DUO, worth a combined S$11billion in gross development value, are the result of mutually beneficial cooperation between Malaysia and Singapore, arising from the two countries’ strong and longstanding bilateral relationship.
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 development of Marina One and DUO, located in Marina South and Ophir-Rochor respectively, was undertaken by M+S Pte Ltd (“M+S”), which is owned 60:40 by Khazanah and Temasek respectively. M+S was established in 2011 to develop land parcels in the Marina South and Ophir-Rochor areas, following the full implementation of the Points of Agreement (“POA”) between Malaysia and Singapore in 2011. In addition, Khazanah and Temasek are undertaking joint developments in Iskandar Malaysia through Pulau Indah Ventures Sdn Bhd, a 50:50 joint venture that is developing the Afiniti Medini and Avira integrated wellness projects. Afiniti Medini was completed in 2016.
Tan Sri Azman Mokhtar, Managing Director of Khazanah, said: “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.”
Mr Lee Theng Kiat, Chief Executive Officer, Temasek International, said: “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.”
Marina One and DUO are integrated developments with office, retail and residential components, and have won multiple awards and recognition including for sustainability and environmentally-friendly designs. Marina One and DUO are well-positioned to tap into the continued growth of the property and commercial sectors, and have attracted strong market
interest. The two developments have recorded significant take-up rates for their respective residential and commercial components, securing key anchor tenants including global multinational companies.
