Statement by PM Lee Hsien Loong

"This was an issue left over from the Points of Agreement (POA) which was signed in 1990. There was a question of whether development charge was payable on the three parcels of POA land in Tanjong Pagar, Kranji, and Woodlands. Prime Minister Najib and I agreed to resolve it through arbitration. This has been done, and the Tribunal has decided that development charge was not payable.

Singapore fully accepts the Tribunal's decision. It allows us to put this matter behind us. I am happy that Singapore and Malaysia have been able to resolve this dispute in this impartial and amicable way.

The full and successful implementation of the POA in 2011 has paved the way for joint development projects and closer collaboration between Singapore and Malaysia. These include links in transport connectivity, and trade and investment. I look forward to making progress on them, and working with PM Najib bilaterally, and in Asean to benefit both countries."

- Prime Minister Lee Hsien Loong, in response to media queries, on the decision by the arbitral tribunal.

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