By Goh Thean Eu
http://www.btimes.com.my/Current_News/BTIMES/articles/khaza27-2/Article/
Kuala Lumpur: Malaysia and Singapore's sovereign wealth funds have teamed up to undertake RM30 billion worth of development projects in Iskandar Malaysia and the island state.
The Singapore projects include the development of offices, residential units, hotel as well as retail units.
Another joint venture, Pulau Indah Ventures Sdn Bhd - which is equally owned by Khazanah and Temasek - will develop projects in Iskandar Malaysia, Johor. They will have a GDV of RM3 billion and a permitted gross floor area of up to 1.37 million sqm.
"The development in Iskandar with Temasek will be highly complementary and builds on the momentum of existing and planned projects in Iskandar Malaysia, in which Khazanah has been involved since 2006," Khazanah managing director Tan Sri Azman Mokhtar said in a statement yesterday.
Read more: RM30b Khazanah-Temasek incentive http://www.btimes.com.my/Current_News/BTIMES/articles/khaza27-2/Article/#ixzz1QXay82gP
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Khazanah Nasional Bhd and its Singapore counterpart, Temasek Holdings (Pte) Ltd, have set up two joint venture companies to undertake the projects.
This is the first joint development investment between the two funds.
Khazanah will own a 60 per cent stake in M+S Pte Ltd that will develop land parcels in Marina South and Ophir-Rochor in Singapore.
The developments there will boast a gross development value (GDV) of RM27 billion with a permitted gross floor area of up to 501,020 square metres (sqm).
Another joint venture, Pulau Indah Ventures Sdn Bhd - which is equally owned by Khazanah and Temasek - will develop projects in Iskandar Malaysia, Johor. They will have a GDV of RM3 billion and a permitted gross floor area of up to 1.37 million sqm.
"The development in Iskandar with Temasek will be highly complementary and builds on the momentum of existing and planned projects in Iskandar Malaysia, in which Khazanah has been involved since 2006," Khazanah managing director Tan Sri Azman Mokhtar said in a statement yesterday.
Read more: RM30b Khazanah-Temasek incentive http://www.btimes.com.my/Current_News/BTIMES/articles/khaza27-2/Article/#ixzz1QXay82gP
http://www.btimes.com.my/Current_News/BTIMES/articles/khaza27-2/Article/
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