Khazanah, Temasek to launch S$4b project soon

PETALING JAYA (Nov 11, 2013): Property developer M+S Pte Ltd, a 60:40 joint venture between Khazanah Nasional Bhd and Temasek Holdings Pte Ltd, will launch its first S$4 billion (RM10 billion) integrated mixed-use development dubbed “DUO” concurrently in Malaysia and Singapore in the middle of this month, said its COO Kemmy Tan Peck Mun.

DUO sits on two parcels of land totaling 26,688 sq m in Ophir-Rochor, Singapore. It is situated strategically, with proximity to the central business district and Marina Bay.

“Our integrated concept, with a comprehensive offering of a five-star hotel, Grade A office space and retail space served by two MRT lines right at the doorstep, provides DUO’s residents and occupants a lifestyle of connectivity and convenience,” Tan told reporters at a media preview of the DUO development here last Friday.

The project comprises two towers – one featuring 660 residential units in the 49-storey DUO Residences and another offering office space, as well as a retail gallery and a 352-room five-star hotel in the 39-storey DUO Tower.

Tan said piling work on DUO has been completed, with construction of its superstructure just started. The project is slated to be delivered by 2017, and is expected to receive overwhelming response from the market.

“Our target markets are Malaysia and Singapore as this project is jointly developed by Khazanah and Temasek. But we also see strong interest from overseas buyers, mainly from Asia as well as the US,” she added.

UEM Sunrise Bhd alongside CapitaLand Ltd have been appointed as project managers of DUO, handling the marketing and project development respectively.

Tan said approval to launch its second mixed-use development – the S$7 billion (RM17.5 billion) Marina One project on four parcels of land in Marina South, Singapore has yet been obtained from the Singapore government, adding that M+S hopes to get the nod by next year.

Marina One, together with the DUO project, form part of the commercialisation of land parcels under the Malaysia-Singapore rail land swap deal in September 2010.

Under the deal, the Singapore government will vest four land parcels in Marina South and two pieces in Ophir-Rochor in exchange for three parcels of Keretapi Tanah Melayu (KTM) land in Tanjong Pagar, Kranji and Woodlands and three plots of land in Bukit Timah.

The Marina South and Ophir-Rochor land parcels will be vested in M+S for joint development when KTM vacates the Tanjong Pagar Railway Station.