2017 was a meaningful milestone year with regards to Malaysia and Singapore bilateral relations, when both countries witnessed the successful completion of two landmark development projects – Marina One and DUO. It represents the resolution of a 20-year longstanding Points of Agreement (POA) that was inked in 1990.

Zaida Khalida Shaari

Executive Director, Investments

Jiv Sammanthan

Executive Director,
Head of Managing Director's Office

The developments of Marina One and DUO, located in Marina South and Ophir-Rochor in Singapore respectively, were undertaken by M+S Pte Ltd (M+S), which is owned 60:40 by Khazanah Nasional (Khazanah) and Temasek Holdings (Private) Limited (Temasek).

M+S was established in 2011 to develop land parcels in the Marina South and Ophir-Rochor areas, following the full implementation of the Points of Agreement (POA) between Malaysia and Singapore in 2011. Earlier at the Malaysia-Singapore Leaders’ Retreat on 24 May 2010, the Prime Ministers of the two countries had announced several undertakings, including the exchange of four land parcels in Marina South and two in Ophir-Rochor for the three parcels of POA land in Tanjong Pagar, Kranji and Woodlands as well as three pieces of land in Bukit Timah.

The official opening of the two landmark developments in January 2018, worth a combined SGD11 billion in gross development value, was the result of mutually beneficial cooperation between Malaysia and Singapore, arising from the two countries’ strong and longstanding bilateral relationship.

Official opening of Marina One and DUO developments by Dato’ Sri Mohd Najib and the Prime Minister of Singapore, Lee Hsien Loong

COLLABORATIVE APPROACH

Marina One and DUO serve as a testament to the close collaboration between Khazanah and Temasek, and their commitment and capabilities to jointly deliver two major iconic projects that ultimately benefit both countries. In addition, Khazanah and Temasek are undertaking joint developments in Iskandar Malaysia through Pulau Indah Ventures Sdn Bhd, a 50:50 joint venture that developed the Afiniti Medini and Avira integrated wellness projects. Afiniti Medini was completed in 2016.

These positive outcomes were clearly a result of and facilitated by the collaborative approach adopted at the bilateral level in the preceding years. The Prime Ministers of Malaysia and Singapore had at their meeting on 20 September 2010 announced that while the two countries have different views relating to the development charges payable on the three parcels of POA land in Tanjong Pagar, Kranji and Woodlands, it was agreed to settle this issue amicably through arbitration under the auspices of the Permanent Court of Arbitration, and to accept the arbitration award as final and binding. Equally significant, the two leaders also agreed that arbitration would proceed on its own track, and therefore not affect the continued implementation of the POA, including the joint development between Khazanah and Temasek. This enabled M+S to forge ahead.

Several Government-Linked Companies in both Singapore and Malaysia were also involved in various stages of the iconic projects. Singapore real estate companies Mapletree and CapitaLand were appointed as the project manager for the development of Marina One and DUO respectively, while UEM Sunrise Bhd was tasked with marketing for both developments. The project was further supported by the strong partnership and smooth collaboration between the Khazanah and Temasek teams, as well as M+S management team that provided the impetus for the swift completion of both projects.

M+S Joint Development Timeline

Nov

1990

Malaysia and Singapore signed POA

May

2010

Joint Statement: Malaysia and Singapore Leader's Retreat - Understanding reached on way forward on POA issues

Jun

2011

Malaysia and Singapore signed agreement to implement POA. Khazanah and Temasek signed Shareholders' Agreements on the establishment of M+S Pte Ltd and Pulau Indah Ventures Sdn Bhd

Jul

2013

Marina One main building construction commenced

Aug

2013

DUO main building construction commenced

Jan

2015

Hyatt selected to operate Andaz Hotel

End

2017

Completion of Marina One and DUO

Jan

2018

Opening of Marina One and DUO

DUO AND MARINA ONE

Khazanah and Temasek laid the building blocks of the successful collaboration from the outset, nominating experienced ahd highly-capable board members at M+S. This helped to forge a a common vision grounded upon good governance and focussed on delivering world-class, commercially-successful developments. Project components were awarded through a competitive process, including the selection of architects, which also saw submissions from Malaysian and Singaporean architects, as well as for various construction packages.

Internationally renowned architect, Ole Scheeren, was selected for his concept of DUO. The name DUO reflects the two towers that stand seamlessly side by side, symbolising the close relationship between Malaysia and Singapore. Located in the heart of Ophir-Rochor, DOU is envisioned to shape the district into a vibrant residential,

3.67 million sq. ft. premier mixed development at Marina Bay area

Gross development value: S$7 billion

Office
Two 25-storey prime Grade A office towers with NLA of approximately 1.9 million sq. ft.

Retail
Five floors with NLA approximately 140k sq. ft.

Residential
Two 34-storey towers with 521 units each

LEED Platinum pre-certified; efficient in use of water and energy, as well as greenhouse gas emission

Green Mark Platinum certified; use of sustainable design, construction and operations practices

Confirmed tenant
Julius Baer, PwC Singapore, Prudential, Grab, Olam International, BP Global, Daiwa Capital, Mitsubishi UFJ Financial Group and JustCo.

* NLA: Nett lettable area

1.73 million sq. ft. premier mixed development at Ophir-Rochor district

Gross development value:
SGD4 billion

Andaz Hotel
15-storey tower luxury 5-star hotel with 325 rooms

Office
24-storey Grade A office space with NLA of 570k sq. ft.

Retail
NLA of 56k sq. ft.

Residential
49-storey tower with 660 units

International award in the “Best Futura Project” category at the 2012 MIPIM Asia Awards

Confirmed tenants
Andaz Hotel, Sumitomo Chemical, Abbott Laboratories, Mastercard, Regus Serviced Offices, Amcor, Chevron and Virgin Active

* NLA: Nett lettable area

business, retail and entertainment cluster to complement the existing Marina Bay and Raffles Place CBD. It has since bridged the connectivity between the Bugis and Kampong Glam conservation areas, providing the district with a thriving cultural scene.

The competition for Marina One’s design concept was won by another world-renown architect, Christoph Ingenhoven, who is a leader in sustainable architecture. The aim of the design is to provide liveable space close to nature. The project’s centrepiece is the ‘Green Heart’, the largest green urban sanctuary within Singapore’s central business district, featuring multiple stepped gardens, walkways, waterfalls and flanked by two green parks – Marina Station Square and Central Linear Park.

In a further manifestation of the collaborative approach between the two countries, several Malaysian and Singaporean artists were commissioned to design and create sculptural artworks for DUO and Marina One, including top Malaysian artist Latiff Mohidin. Latiff’s contribution Harmony, a nine-metre freestanding outdoor modern sculpture, is the focal point within DUO’s Central Plaza. Inspired by the interlocking motif of plant leaves, the design reflects the concept of balance to symbolise two forces that come together and complement each other, in reference to the relationship between Malaysia and Singapore.

The status of Marina One and DUO as award-winning iconic buildings is also reflected in their commercial success to date. At the time of their launch, both developments had attracted significant occupancy rates for their respective office components, attracting many Fortune 500 companies, as well residential components.

Overall, the success of Khazanah and Temasek in delivering the developments serves as testimony to the outcomes that can be achieved through strategic investments that leverage individual strengths and mutual complementarities. In addition, it also forms the building blocks for greater things to come for both Malaysia and Singapore, and their respective peoples.

Tan Sri Azman Mokhtar and M+S Development Chairman Tan Sri Mohamed Azman Yahya, in front of the “Harmony” sculpture by Latiff Mohidin in the DUO Central Plaza

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