Marina One set to raise bar for future integrated developments
Updated: Feb19, 2013 23:15 | By Channel NewsAsia
The Marina One mixed-use development in the heart of Singapore’s Central Business District (CBD) will be a coveted business and lifestyle destination that will raise the bar for integrated developments and act as a catalyst to attract and grow new businesses.
That is the vision of M+S, a joint venture company owned by Malaysia’s Khazanah Holdings Bhd and Singapore’s Temasek Holdings, that is working on the landmark project.
M+S also said Marina One, designed by world renowned architect Christoph Ingenhoven, marks a brand new chapter in the Marina Bay Masterplan.
Its design was unveiled on Tuesday by Singapore’s Prime Minister Lee Hsien Loong and his Malaysian counterpart, Mr Najib Razak, who are holding their Leaders’ Retreat.
M+S said Marina One will be completed in 2017, with a gross floor area of 3.67 million square feet and is valued at S$7 billion.
It consists of Marina One Residences, Marina One Offices as well as a retail podium.
Marina One Residences comprises two towers of 1,042 luxury city residences, ranging from one-to four-bedroom units, including penthouses. These will be launched in the second half of the year.
Marina One Offices — with east and west towers — offer 1.88 million square feet of prime office space.
Its crown jewels will be two 100,000 square feet office floor plates, one of the largest in Asia.
Marina One will also have a retail podium called The Heart, which will also serve as a sanctuary and green space.
The development will also incorporate a unique garden ecosystem by landscape architect Gustafson Porter, best known for their world-class design of Singapore’s Bay East, Gardens by the Bay.
PM Lee said he is happy to see the bricks and mortar starting to come up on site.
He added: “It’s going to be an iconic project in the middle of our new business district for many, many more years to come. This is a project that both countries will be proud of and which will thrive and prosper in our city and friendship.”
Mr Najib said he is excited to see the design for himself.
“I think it’s a wonderful design. I think we have a real winner in this Marina One and it will certainly fulfil our expectations… A landmark, an iconic building and what we see today is the beginning of that iconic building,” he added.
The two leaders were also briefed on the progress of the other joint project located near Kampong Glam.
The project, called DUO, includes office, residential and hotel components.
It sits on 160,000 square metres of land and is valued at S$4 billion.
The DUO and Marina One are part of six land parcels jointly developed by Singapore and Malaysia under a land swop deal agreed on in 2010.
Thursday, Jul12, 2012 | The Business Times | By Felda Chay
$7b project Marina One breaks ground
The Marina Bay area will see a new addition to its skyline come 2017 with the completion of the $7 billion Marina One – a Khazanah-Temasek mixed development project which had its ground-breaking ceremony yesterday.
Marina One is one of two projects undertaken by M+S Pte Ltd, the 60:40 joint venture between Khazanah Nasional and Temasek Holdings, as part of a land swap deal between Singapore and Malaysia. Together, the projects have a development value of $11 billion.
Some $5 billion in financing facilities have been secured from eight banks for the projects, according to Azman Yahya, chairman of M+S.
They include Singapore banks DBS, OCBC and UOB; and Malaysia’s CIMB and Maybank. ANZ, Sumitomo Mitsui and Bank of Tokyo-Mitsubishi will also be providing loans.
“I think it’s probably one of the largest property financing projects ever raised in Singapore for a company,” Mr Azman told journalists after the ground-breaking ceremony.
When completed, Marina One will comprise four buildings which together will house offices, homes and shops.
Linking the four towers is a garden right in the heart of the development.
The two office towers will be 30 storeys high, while the residential towers will boast 34 storeys.
M+S said that Marina One will “be eventually linked” to the Marina Bay and upcoming Downtown MRT stations.
Some 60 per cent of the 341,000 square metres of gross floor area will be devoted to office space, while residential units will take up 35 per cent.
The remaining 5 per cent of space will be devoted to retail outlets.
Mr Azman said that piling works have begun for Marina One, with the main building contracts to be awarded next year.
“The schedule of the development is on time, on track. So we are very happy with the progress of the development.”
He added that tenants being targeted include financial institutions and MNCs. M+S has already started to reach out to potential tenants, who have given “preliminary indications” on their interest.
And while nothing is confirmed yet, “we are pretty confident of securing good tenants for our project”, said Mr Azman.
The launch of Marina One is scheduled for October. M+S’s second project in the Ophir-Rochor area will be unveiled in September, and “we’ve got the design already done, we’ve put in the submissions for approval”, said Mr Azman.
While the development of the two projects has political roots, he made clear that M+S is a “very commercial organisation, with commercial objectives”.
“Our objective is actually to create as much value as possible from the land that we have,” he said.
Mapletree Investments and UEM Land Holdings are project managers of Marina One, while UEM will partner CapitaLand to manage the second site in the Ophir-Rochor area.
Khazanah and Temasek announce strategic joint investments in real estate
Khazanah and Temasek commit to joint developments in Iskandar Malaysia and Singapore
Khazanah Nasional Berhad (“Khazanah”) and Temasek Holdings (Private) Limited (“Temasek”) are pleased to announce the establishment of M+S Pte Ltd (“M+S”) and Pulau Indah Ventures Sdn Bhd (“Pulau Indah”).
Owned 60:40 by Khazanah and Temasek respectively, M+S will develop land parcels in Marina South and Ophir-Rochor in Singapore. Pulau Indah, a 50:50 joint venture between Khazanah and Temasek, will develop projects in Iskandar Malaysia in Johor.
These joint developments were supported by the Prime Ministers of Malaysia and Singapore in their Joint Statements of 24 May 2010, 22 June 2010, 20 September 2010 and 27 June 2011.
M+S develops two key sites in Singapore
M+S Pte Ltd will develop four land parcels in Marina South and two land parcels in Ophir Rochor, each as an integrated development.
An indirect wholly-owned subsidiary of UEM Land Holdings Berhad (“UEM Land”), a real estate company within Khazanah’s portfolio, and an indirect wholly-owned subsidiary of Mapletree Investments Pte Ltd (“Mapletree”), a Temasek portfolio company, have been appointed to oversee the marketing and development of the project at Marina South. For the Ophir-Rochor site, UEM Land and an indirect wholly-owned subsidiary of CapitaLand Limited (“CapitaLand”), another Temasek portfolio company, have been appointed to oversee the marketing and development.
Khazanah and Temasek are both committed to the successful commercialisation of these land parcels, which will include office, residential, hotel and retail components.
The gross development value of the project with a permitted gross floor area (“Permitted GFA”) of up to 501,020 sqm is estimated at approximately SGD11 billion (RM27 billion), subject to design and development plans.
Pulau Indah develops two new sites in Iskandar Malaysia
Khazanah and Temasek have worked together since last May to identify suitable sites in Iskandar Malaysia for joint commercial development. Two sites, one in Medini North and the other at the Heritage Cluster in Medini Central, have been confirmed.
Pulau Indah intends to develop serviced apartments, a corporate training centre, and commercial, retail, residential and wellness-related offerings on these sites. Khazanah and Temasek are currently in discussions and negotiations with potential partners and operators for the various components to maximize the commercial potential of the location.
The gross development value of the Iskandar project with a Permitted GFA of up to 1,365,675 sqm is estimated at approximately RM3 billion, subject to design and development plans.
Planning and design works for the projects had commenced in 1Q/2011. With the signing of these agreements today, the projects will move towards design and further implementation and delivery of the initial phases over the next five years.
Khazanah’s Managing Director, Tan Sri Dato’ Azman Hj Mokhtar, said: “We are honoured to be undertaking these exciting developments at these key sites in Singapore and Iskandar Malaysia with our counterparts from Singapore, Temasek Holdings. 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. Both these projects mark our first joint development investment with Temasek, and we look forward to a strong and fruitful partnership in both Singapore and Iskandar Malaysia.”
Ms Ho Ching, Executive Director & CEO of Temasek, added: “Both the Khazanah and Temasek teams put in tremendous effort, working very closely together to develop the best ideas possible for our joint projects. We were also very fortunate to have the expert and highly professional support of leading real estate companies like UEM Land from Malaysia as well as Mapletree and CapitaLand from Singapore. I am also especially grateful for the guidance, advice and support of very experienced industry leaders who will guide the Singapore developments as key Board members of M+S. I look forward to the successful development of the projects both in Johor as well as Singapore.”
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Media Contacts:Khazanah Nasional Berhad
Mohd Asuki Bin Abas
Senior Vice President, Communications and External Relations Unit
Tel: +603 2034 0294
Temasek Holdings (Private) Limited
Director, Corporate Affairs
Tel: +65 6828 6509