The “amicable resolution” of the 20-year dispute over Malayan Railway (KTM) land in Singapore will enable both nations to move on to advance their various mutual interests, according to Prime Minister Lee Hsien Loong.
PM Lee expressed his gratitude towards Malaysian Prime Minister Najib Razak “for his leadership and determination,” which allowed the two countries to achieve a “win-win deal and move our relationship forward.”
On 27 June 2011, the Points of Agreement (POA) on the KTM land was officially sealed in Putrayaja, ending a year of negotiations between Singapore and Malaysia.
“I am happy that Singapore and Malaysia have successfully implemented the POA. The amicable resolution of a bilateral issue which has remained outstanding for almost 20 years is of great significance,” said Mr. Lee.
“Today, we mark a historic breakthrough in our bilateral relations.”
He also acknowledged officials and ministers from both sides, “whose hard work and good cooperation” led to the resolution of the POA.
Under the agreement, Malaysia will receive six parcels of prime land in Singapore, four in Marina South and two in Ophir-Rochor, while Singapore will resume ownership of all KTM land south of the Woodlands Train Checkpoint.
In addition, a 60:40 joint venture (JV) company called M+S Pte Ltd has been appointed to handle the development of the six sites in Singapore that are valued at approximately S$11 billion.
To contact the journalist, you may send your message to editor@propertyguru.com.sg