How the joint venture behind Marina One and Duo came to be

Marina One (left) in Marina Bay and Duo in Bugis.
Marina One (left) in Marina Bay and Duo in Bugis.PHOTOS: M+S, OLE SCHEEREN/IWAN BAAN

SINGAPORE - The projects Marina One in Marina Bay and Duo in Bugis arose from a historic land swop deal in 2010 between Singapore and Malaysia.

The mixed-use developments were officially opened on Monday (Jan 15), with Prime Minister Lee Hsien Loong and Malaysian Prime Minister Najib Razak in attendance.

Both leaders and their delegations will be meeting on Tuesday (Jan 16) for bilateral discussions as part of the eighth Singapore-Malaysia Leaders' Retreat.

The 2010 land swop deal - which ended a 20-year impasse over the Points of Agreement signed in 1990 - saw three plots of former Malayan Railway land and three additional plots in Bukit Timah exchanged for four land parcels in Marina South and two parcels in Ophir-Rochor.

Full implementation of the Points of Agreement was achieved in 2011, and a joint venture M+S was set up to develop the new plots.

Malaysia's investment arm Khazanah Nasional has a 60 per cent stake in the joint venture and Singapore's Temasek Holdings, 40 per cent.

Marina One, which has a gross development value of about $7 billion, spans 3.67 million sq ft and has two 30-storey office towers.

The development has two floors of about 100,000 sq ft - one of the largest in Asia - and its other office floor spaces range from 34,000 to 40,000 sq ft.

It also has two residential blocks with more than 1,000 units and a retail podium of 140,000 sq ft. At the centre of the complex is a multi-level garden.

Meanwhile, Duo has a total gross floor area of around 1.73 million sq ft and has a gross development value of about $4 billion.

It has a 49-storey residential block with 660 units, as well as a 39-storey commercial tower with a retail gallery, office spaces and hotel. Its office tower has about 570,000 sq ft of space.

Separately, Temasek and Khazanah also have joint venture projects in Iskandar Malaysia.

These are Afiniti Medini and Avira Medini, which have a strong focus on wellness and have a combined gross development value of some RM3 billion (S$1 billion).