Monday, 23 Jul 2012
Singapore - Land Development (HVO SGP-13)
The deal centred on the closure of the Singapore railway station Tanjong Pagar managed by KTM (both the land and lines were Malaysian owned). This land will now become available and will be developed, along with other dedicated land parcels. These will be managed through ‘special purpose vehicles’ set up by the sovereign wealth funds of the two respective states, Temasek (Singapore) and Khazanah (Malaysia).
Khazanah Nasional Berhad (‘Khazanah’) and Temasek Holdings (Private) Ltd (‘Temasek’) announced the establishment of M+S Pte Ltd and Pulau Indah Ventures Sdn Bhd (‘Pulau Indah’). This joint venture (JV’) M+S between the equivalent sovereign wealth funds of Malaysia and Singapore will be owned 60:40 between Khazanah and Temasek to develop land parcels in Marina South and Ophir-Rochor in Singapore. In addition a separate 50:50 JV Pulau Indah will develop project opportunities in Iskandar Malaysia Johor.
Both new joint venture companies are being supported by the respective PM’s for each country Four land parcels will be developed in Marina South and two land parcels in Ophir Rochor. UEM Land Holdings Berhad (a Khazanah company) and Mapletree investments Pte Ltd, (a Temasek company) will oversee the project development at marketing. Pulau Indah will develop two sites in Iskandar which have been identified by the sovereign wealth funds, namely Medini North and a Heritage cluster in Medini Central.
The land parcels are secured and projects identified for future development. The UK can add value through a number of mechanisms, namely engagement with local primes to support the development through master planning, project management, and architectural design, and transaction advisory services, UK companies that were involved In the Singapore Sports Hub will be well placed, Arup, KPMG, HSBC Infrastructure, Norton Rose, etc. UK companies have also been active in other major retail hub projects in Singapore such as Ion Orchard which was designed by Benoy), and Broadway Malyan (Seragoon Mall / Raffles City – retail). Other companies such as EC Harris (Singapore office), Priestmangoode, Fosters & Partners, Richard Rodgers could also be well placed to explore opportunities on this project.
Further details on specific opportunities around this project will be provided as they become available. In the meantime, UK businesses interested in this project are encouraged to register their interest below.
High Value Opportunities (HVO) programme
The high value opportunities programme identifies large scale overseas projects offering the most value to UK Plc and aims to provide an intensive level of support to help UK businesses win contracts in and around these opportunities. Find out more.
Opportunity Type: Market Pointers