The Kuala Lumpur-Singapore high-speed rail (HSR) project should not be viewed as a mere transportation upgrade, but as a project that would benefit both Malaysia and Singapore.
Once completed, the S$15.6 billion project will see the country “enter a new phase of tourism by having more foreign tourists coming into Malaysia,” said economic analyst Hoo Ke Ping and reported in the media.
“Although the project is concentrated mainly in Johor, neighbouring states, such as Malacca, Negri Sembilan and Kuala Lumpur, would also benefit from it,” stated Hoo.
“We could expect an increase in property growth as well as other sectors as the result of the rail construction.”
He also dismissed the idea that more Malaysians will work in Singapore once the HSR project is completed.
“I think quite the opposite will happen. More Singaporeans would be coming over to Malaysia for obvious reasons, such as shopping and a lower currency exchange rate,” he said.
“Singapore had already imposed a ruling that businesses could only employ foreigners for jobs offering salaries of more than US$12,000. So, the speculation is baseless.”
Meanwhile, an economist who wants to remain anonymous noted that the impact of the HSR project will be good in terms of connectivity between Malaysia, a fast developing economy, and Singapore, a developed economy.
“Singapore is a financial epicentre, and since Malaysia aspires to be an Islamic financial hub, the improved connectivity should ease networking and the allocation of resources between the two countries…The multiple stops in the rail link would also accelerate local businesses at nearby areas.”
Farah Wahida, Editor of PropertyGuru Malaysia, wrote this story. To contact her about this or other stories email farahwahida@propertyguru.com.my
