Historic Singapore-Malaysia joint venture breaks ground
Singapore’s first joint-venture development with Malaysia that arose as part of the railway land swap 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 has a gross development value of S$7 billion and will have a gross floor area of 341,000 m2. 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.
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 designed a ‘green gem’ in the centre of the development leading it to win Best High Rise Architecture, Best Mixed-use Architecture and Best Mixed-use Development.
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 Mapletree Investments Pte Ltd.
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