M+S Pte Ltd is doing well, says PM Lee

SINGAPORE: The Malaysia-Singapore joint venture company, M+S Pte Ltd, is doing well, says Singapore's Prime Minister Lee Hsien Loong.

M+S is a joint-venture owned by Malaysia's Khazanah Nasional Bhd and Singapore's Temasek Holdings.

It was entrusted to carry out a joint development in Marina South and the Ophir-Rochor area in Singapore, as well as of Iskandar Malaysia.

"I see the projects at Marina South and at Ophir-Rochor, both buildings are coming up and rising steadily. I read that they have reasonable sales so I think the projects will succeed," said Lee in an interview with Bernama.

In June this year, M+S announced that it has secured strong office leasing pre-commitments of over half a million square feet for Marina One.

M+S said that these are some of the largest office leasing deals in 2016 and it will continue to be in active negotiations with many other multinational companies who are looking at securing office spaces over multiple floors.

The 3.67-million sq ft development comprises Marina One East and West Towers, two prime Grade-A office towers of about 1.88 million sq ft, 1,042 units of luxurious city residences, 140,000 sq ft of retail space and 65,000 sq ft of greenery.

M+S said the development of Marina One is on track for completion in 2017.

In 2011, Lee and Prime Minister Datuk Seri Najib Abdul Razak had signed an agreement to settle the dispute over certain parcels of land in Singapore that once belonged to Malayan Railway.

The highlight of that agreement was the establishment of a joint-venture company, M+S.

On the Iskandar side, Lee noted that there are two iconic projects and one of them is the Afiniti Medini Wellness Centre.

"I think they are making good progress too," he said.

Both prime ministers had previously said that M+S projects are seeing "good support from the market". — Bernama