Khazanah eyes SS$7 billion mixed-use development in Singapore

Khazanah Nasional Bhd will launch a new SS$7 billion (RM17.19 billion) integrated development at the Marina South in Singapore by year-end or early in 2013.

The project will be developed by M+S Pte Ltd (M+S), which is 60:40 owned by Khazanah, the government's investment arm and Temasek Holdings (Private) Ltd, Singapore's investment arm.

Datuk Azman Yahya, Chairman at M+S, noted that apart from four prominent residential and office towers, the yet-to-be-named project will also feature a retail podium and will be linked to the Marina and Downtown MRT lines.

To fund the project, the company has already signed with eight banks in March.

Designed by Germany-based Ingenhoven Architects, the development is projected to be the gravitational epicentre of Singapore's new CBD (Central Business District).

Aside from the project, M+S is also developing land parcels at Ophir-Rochor, with a GDV (gross development value) of over S$4 billion (RM9.82 billion). Both projects will likely be completed over the next six years.

Meanwhile, the Marina South bagged three prestigious national awards at the recent Asia Pacific Property Awards 2012, in recognition of its high-rise architecture, mixed-use architecture and mixed-use development.

Commenting on the award, Azman said, "MSPL has made tremendous headway in bringing our vision to life with this project and the awards recognition is testament to our commitment in creating a superlative landmark development in the heart of Marina South which sets the standard for international excellence in design and sustainability for integrated living."


Source : 30 Apr 2012