A mega new development, Marina One with 2 30-storey office towers, 2 34-storey residential towers with 5% retail spaces will be developed on a prime land parcel granted to a Singapore-Malaysia joint-venture M+S as part of a bilateral railway land swop. M+S is a joint venture between Temasek Holdings and Malaysia's sovereign wealth fund Khazanah Nasional.
In 2010, the Malaysian railway land at Tanjong Pagar, Kranji, Bukit Timah and Woodlands was returned to Singapore. In return, Singapore yielded 4 land sites in Marina South which are now being developed as Marina One plus 2 sites in Ophir-Rochor.
Marina One will have a gross floor area of 3,670,525 sq ft and will be linked to the Marina Bay and the Downtown Line MRT stations when completed. It will redefine new standards for city living and commercial spaces in Singapore.
M+S was set up to focus on the financial control for the project which was earmarked with a gross development value of $7 billion. This is a commercial organisation with commercial business objectives to maximise the value from the land site. It is 40% own by Temasek and 60% by Khazanah Nasional.
Due to the prime location, it will attract quality tenants from the finance sector and multinationals when it is expected to be ready by 2017. 8 banks had granted a combined $5 billion construction loan for the project. UEM Land Holdings from Khazanah and Mapletree Investments from Temasek will oversee the marketing and development for this project.
17 Jul 2012