Jul 12, 2012
Board of M+S - Dato Abdul Rahman Ahmad, Hiew Yoon Khong, Tan Sri Azman Yahya (Chairman of M+S), Dato Wan Abdullah Wan Ibrahim , Lim Ming Yan
Singapore’s first joint-venture development with Malaysia that arose as part of the railway land swop deal broke ground yesterday at Marina South.
The historic deal is the first of the two sites that officially broke ground under M+S Pte Ltd.
Marina One is a mixed-use development that will have a gross floor area of 341,000 sq m.
It will comprise two 30-storey office towers and two 34-storey residential towers with about 5 per cent of the space for retail.
When completed in 2017, it will be eventually linked to the Marina Bay and upcoming Downtown MRT Stations.
Marina Bay MRT will serve as an interchange linking the North-South, Circle Line and soon, the Downtown Line.
“In line with the URA’s long term vision, Marina One will be an integrated development that marries commerce, premier residential living and exciting retail lifestyles in the Marina Bay district, offering investors and businesses a slice of exclusivity in the heart of Singapore’s new CBD. It will define new standards of luxury urban living in Singapore creating a benchmark for international excellence in design and sustainability,” said Tan Sri Azman Yahya, chairman of the board of directors of M+S.
To be officially launched in October 2012, Marina One has already won three prestigious awards at the recent Asia Pacific Property Awards 2012.
Ingenhoven Architects has designed a ‘green gem’ in the centre of the development leading it to win the Best High Rise Architecture, Best Mixed-use Architecture and best Mixed-use Development.
The land swop deal was concluded in 2010 resulting in Malaysia returning parcels of land in Tanjong Pagar, Woodlands, Kranji and Bukit Timah to Singapore.
In return, both governments have agreed to jointly develop the sites in Marina South and Ophir-Rochor.
M+S Pte Ltd is 60 per cent owned by Malaysia’s Khazanah Nasional Berhad and 40 per cent owned by Singapore’s Temasek Holdings.
The marketing and development of Marina One is managed by a wholly-owned indirect subsidiary of UEM Land Holdings Berhad and a wholly-owned indirect subsidiary of Mappletree Investments Pte Ltd.
Marina One has a gross development value of S$7 billion (US$5.5 billion).
It has so far secured a S$5 billion (US$4 billion) construction loan from eight banks.
The other site, located at Ophir-Rochor, will be unveiled at a later date.
Khazanah and Temasek Holdings are also jointly developing an iconic wellness centre in Medini in Iskandar Malaysia.
