Business

Thursday July 12, 2012

Khazanah unit targets S'pore property development at foreign buyers

By ZAZALI MUSA
zaza@thestar.com.my


SINGAPORE: M+S Pte Ltd is confident of attracting multinational corporations, foreign financial institutions and high net-worth individuals for its multi-billion dollar Marina One development.

Chairman Tan Sri Azman Yahya said the project would become the epicentre of Singapore's new central business district (CBD).

He said piling works had started and the company would launch the project soon.

“Marina One's location within the Marina South district is the strong selling point, as it is surrounded by eminent neighbours,'' Azman said at the project's ground breaking ceremony.

Property tie-up: (from left) M+S board members Datuk Abdul Rahman Ahmad, Hiew Yoon Khong, Tan Sri Azman Yahya, Datuk Wan Abdullah Wan Ibrahim and Lim Ming Yang at the ground breaking ceremony of Marina South

Some of the existing developments in Marina South district are Marina Bay Sands, Singapore Flyer, Esplanade Theatres On The Bay and Gardens By The Bay.

Azman said Marina South district had been identified by Singapore's Urban Redevelopment Authority as a growth area to establish a global business and financial hub in the republic.

The key features of Marina One are four 30-storey and 34-storey towers for office spaces, high-end residential properties, retail podium and a green garden at the centre of the development.

“The project will define new standards of luxury urban living in Singapore, creating a benchmark for international excellence in design and sustainability,'' added Azman.

He said although the project had not been officially launched, it had won three awards at the Asia Pacific Property Awards 2012 in April. They are the Best High Rise Architecture, Best Mixed-Use Architecture and Best Mixed-Use Development.

Marina South, with gross floor area of 341,000 sq m on four parcels of land, will be completed in 2017. It will be linked to Marina Bay and the upcoming Mass Rapid Transit stations.

M+S, which is a 60:40 joint venture between Khazanah Nasional Bhd and Temasek Holdings Pte Ltd, will also launch a project on two parcels of land at Ophir-Rochor here.

The Ophir-Rochor project, with a gross floor area of about 160,000 sq m, will be launched before the year-end. The Marina One and Ophir-Rochor projects will have a combined gross development value of S$11bil (RM27.65bil).

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