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Malaysia, Singapore PMs Open M+S' Developments - Marina One And Duo

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SINGAPORE - Prime Minister Datuk Seri Najib Tun Razak and Singapore Prime Minister Lee Hsien Loong today officially opened Marina One and DUO, two landmark developments by M+S Pte Ltd as the result of the 2010 Singapore and Malaysia land swap deal - ahead of the 8th Singapore-Malaysia Leaders' Retreat.

A delegation of ministers from Malaysia and Singapore and around 300 other distinguished guests attended the opening ceremony for both developments at Marina One's Green Heart - a biodiversity garden containing over 160,000 plants and trees, comprising of 386 species.

"Under the strong leadership and foresight of our two prime ministers, a mutually beneficial and win-win solution was found and agreed upon for the long-outstanding issue of Malayan Railway land in Singapore, reflecting the harmonious bilateral relations between both countries," said Chairman of M+S board of directors, Tan Sri Azman Yahya, at the official opening ceremony of Marina One and DUO here today.

Azman recalled that the M+S Shareholders' Agreement between Khazanah Nasional Bhd and Temasek Holdings was exchanged in Putrajaya on Jan 5, 2012, witnessed by the two prime ministers and following that, in July 2012, a groundbreaking ceremony of Marina One was held.

In February 2013, both prime ministers unveiled the architecture design of Marina One, he said.

"And today almost exactly five years later, we stand in this majestic 3.67 million sq ft development. All this would not have been possible without the foresight shown and unwavering support by both prime ministers, for which we are most grateful," said Azman.

Azman noted that these developments served as a lasting reminder of the ties between Malaysia and Singapore and 'are not just symbolic'.

"They are also commercially very successful," he said.

He said the projects, valued at S$11 billion (S$1 = RM3), and despite being newly completed, have reached solid office occupancy rates attracting many Fortune 500 companies to relocate and call Marina One and DUO their new homes.

Marina One's development boasts two high-density floors of about 100,000 sq ft each located on levels 28 and 29 of the office tower and dubbed as the largest prime Grade-A office floor plates in Asia.

The tenants include Facebook, Swiss private bank, Julius Baer, consultancy PwC Singapore, co-working space provider JustCo, financial services Prudential, ride hailing platform Grab, agri-business Olam International, BP Global, Daiwa Capital and Mitsubishi UFG Financial Group, among others.

Meanwhile, DUO tenants include Abbott Laboratories, Mastercard, Regus Serviced Offices, and Golden Equator Group, Amcor, and Chevron, among others.

"We have also sold over 80 per cent of the units in the first tower of Marina One Residences, and almost 100 per cent of the units at DUO Residences," said Azman.

Marina One and DUO are two symbolic legacy projects borne out of the land swap deal sealed in 2010 between Malaysia and Singapore.

The Singapore Government vested four land parcels in Marina South and two in Ophir-Rochor in lieu of the three parcels of Points of Agreement land in Tanjong Pagar, Kranji and Woodlands and three pieces of land in Bukit Timah.

M+S was set up in 2011 to develop the new plots and build Marina One and DUO.

It is owned 60:40 by Khazanah and Temasek.

Marina One, located at Marina Bay, spans across a total gross floor area of about 3.67 million sq ft. It comprises offices, retail podium and 1,042 units of luxury residential apartments.

Meanwhile, DUO, located at Ophir-Rochor, spans across a total gross floor area of about 1.73 million sq ft. It comprises offices, Andaz - a boutique-inspired hotel brand by Hyatt Hotels & Resort, retail space, and 660 premium residential apartments.

-BERNAMA