http://www.businesstimes.com.sg/sub/...45199,00.html?

Published June 29, 2011

S'pore-KL Marina South project starts next June

Construction of the mixed development slated for mid-2016 completion

By LEE U-WEN


(SINGAPORE) Work on the new mixed-use development that will sit on four prime plots of Marina South land will begin in June next year, with construction likely to be completed by mid-2016.

The massive project - to be jointly developed by Temasek Holdings and its Malaysian counterpart Khazanah Nasional - will comprise two office towers with ancillary retail as well as two blocks of residential towers, said Mapletree Investments in a statement yesterday.

Mapletree is partnering UEM Land Holdings - a real estate firm owned by Khazanah - to oversee the marketing and development of the 2.62 hectare white site at Marina South, which will have a combined gross floor area of 341,000 square metres.

The four adjoining land parcels are among the six that M+S Pte Ltd - a 60:40 joint venture between Khazanah and Temasek - will co-develop in Singapore.

The other two are located in the Ophir-Rochor area, which will have its own mixed-use development comprising office and hotel space.

Both projects, worth about $11 billion, are part of the landmark land swap deal between Singapore and Malaysia that will see the Tanjong Pagar Railway Station being relocated to Woodlands this Friday.

In its statement, Mapletree said that the Marina South development would rise between a proposed linear park and a large open public space above the Marina Bay MRT station.

'Its proximity to the Marina Bay and future Downtown MRT Stations will ensure that it is well served and easily accessible,' said Mapletree.

In a separate statement, CapitaLand said on Monday that a team led by its chief operating officer Lim Ming Yan would oversee the development of the Ophir-Rochor land, while UEM Land will take care of the project's marketing efforts.

The site, located next to the Kampong Glam historic district with a gross floor area of 160,000 sq m, will boast office, residential, hotel and retail space.

News of the two joint developments - first announced on Monday - sent shares of UEM Land soaring to an 11-week high in Kuala Lumpur to finish at RM2.87, the highest close since April 8.

RHB Research Institute upgraded the stock of UEM Land to a 'trading buy' from 'market perform' with a RM3.35 target price, said the institute's senior analyst Loong Kok Wen in a report yesterday.

UEM Land is a 'bluechip proxy for improved Malaysia-Singapore relations'. 'This is one of the catalysts the market was waiting for,' wrote Amir Hamzah, a KL-based analyst at Credit Suisse Group, in a separate report.

Mr Amir gave an 'outperform' rating on UEM Land with a target price of RM3.80.

CapitaLand did not enjoy the same boost in the stock market, however. At the close of trading yesterday, its shares fell four cents to $2.84 while City Developments, South-east Asia's second-largest property developer, lost 22 cents to close at $10.24.