Potential sale of Khazanah’s Marina One attracts CapitaLand, Hongkong Land — report

KUALA LUMPUR (May 6): The potential sale of Marina One, a mixed-use development in Singapore owned by M+S Pte Ltd, is said to have attracted bidders including CapitaLand Group and Hongkong Land Holdings Ltd, international news wires Bloomberg reported.

However, at S$5.7 billion (about RM17.8 billion), the price tag reportedly being sought by M+S could be an obstacle to a sale, reported Bloomberg. M+S is a 60:40 joint venture between Khazanah Nasional Bhd and Temasek Holdings.

The report said the steep asking price could still attract interest from other buyers, possibly through a consortium.

Singapore’s Business Times reported in January that Khazanah and Temasek were exploring a sale of Marina One at between S$5 billion and S$6 billion. The development comprises about 1.88 million sq ft (175,000 sq m) of office space, 140,000 sq ft of retail space, as well as residential units.

Marina One, together with the DUO project, stems from a landmark 2010 land swap between Malaysia and Singapore that resolved a long-standing dispute over Malayan Railway lands that cut through the city-state from Woodlands to Tanjung Pagar.

In 2010, then Malaysian prime minister Datuk Seri Najib Razak and his Singaporean counterpart Lee Hsien Loong agreed to exchange the land with sites in the Marina South and Ophir-Rochor districts in downtown Singapore.

Following the full implementation of the agreement in 2011, M+S was established as a joint venture between Khazanah and Temasek to undertake developments on those sites.

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