SINGAPORE: Khazanah Nasional Berhad and Temasek Holdings Limited will form a 50-50 joint venture company to develop an iconic wellness township in Iskandar Malaysia involving the private sectors from both countries.
Malaysian and Singapore leaders who met here yesterday announced they expected the project to be launched within a year.
Prime Minister Datuk Seri Najib Tun Razak and his Singapore counterpart Lee Hsien Loong, who jointly announced the project after their retreat, said they supported the “live-work-play” wellness township concept, offering holistic wellness services and facilities.
The proposed project will involve up to 202.3ha of land.
Singapore also announced that upon the expiry of the 1961 agreement on the supply of water to Singapore from Johor on July 1, 2011, the island republic would hand over the Skudai waterworks asset free of charge and in good working order.
Najib said Malaysia was considering reducing toll rates on the Second Link, adding that Singapore would also consider matching the reduction Malaysia would offer.
He also hoped the agreement reached this round would be a positive signal for both sides, including the private sector.
Najib also said Malaysia still planned to have a third link to Singapore, adding that it was a long-term project.
