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There has been some reports that the water agreement was also part of this railway agreement, although why, I have no idea. But there are some reports that say S'pore will also give up any attempts to renegotiate the water agreement at the end of 2061. I think a linkage to a new water agreement was essential to any railway land deal.
I am not sure how this agreement works. Under this agreement, 6 parcels of land (presumably all owned now by Malaysia) will be put into a development company of which the malaysians will own 60%. Therefore, I assuming that the 40% singapore owner (Temasek) will provide the funding to build and develop the land on its own. i.e. Malaysia contributes the land, Spore contributes the money, and together, you get new condos, offices and malls on these lands. However, being the junior partner, S'pore will not have final say on the mix of the type of development to go in there. What if the majority partner wants to put a mosque right in middle of the development. Can the junior partner overwrite the decision? How is the profit going to be split. What is the exit strategy for the partners? Temasek is now going directly into land development?
Does the CIQ for Malaysia at woodlands now mean that she has a sovereignty over that part now? And why bother to swap the lands? The proposed land to be swap near Marina Sands was never part of the singapore mainland, and is reclaimed land which cost much more money as opposed to the other lands which cost nothing as they are already in existence as part of the island. Why throw a swap clause in there? Was the deal so unfavourable to you that u have to propose a swap too?
Other reports indicated that in addition to not pursuing a water renewal in 2061, all water works facilities build in Johor by S'pore will revert to Malaysia at the end of the water agreement. Well, this was in the original clause anyway. The availability of this Tanjong Pagar railway land (of which only 40% is S'pore) is more than offset by the amount of land that has to be set aside for Newater plants and desalination plants. It is much better off to propose to the Malaysians that we will help them develop the Tanjong Pagar railway lands into much more profitable condos and what not in exhange for cheap water into perpetuity. The cost of producing water thru desalination and newater will bankrupt us in the long run.
May 24, 2010
Agreement on railway land
By Jeremy Au Yong
Related Link
Joint Statement at the Singapore-Malaysia Leaders' Retreat on 24th May 2010
Both Mr Lee and Datuk Seri Najib hailed the development - which arose in part from an understanding reached on how to move forward on the Points of Agreement on Malayan Railway Lands here, a document signed in 1990. -- ST PHOTO: LAU FOOK KONG
PRIME Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak announced a breakthrough on Monday on a two-decade-old spat over Malayan Railway land here.
Speaking to reporters after a meeting at the Shangri-La Hotel, they said that the Keretapi Tanah Melayu's Tanjong Pagar station will be relocated to the Woodlands Train Checkpoint by July 1 next year. Malaysia's customs, immigration and quarantine facilities will also be co-located there.
Additionally, a company known as M-S Pte Ltd will be set up to develop six parcels of land. Malaysia's Khazanah Nasional Berhad will have a 60 per cent stake in the company, and Singapore's Temasek Holdings will own the remaining 40 per cent.
The land parcels - in Tanjong Pagar, Kranji, Woodlands and three in Bukit Timah - could be swopped for land of equivalent value in Marina South and the Ophir-Rochor area.
Both Mr Lee and Datuk Seri Najib hailed the development - which arose in part from an understanding reached on how to move forward on the Points of Agreement on Malayan Railway Lands here, a document signed in 1990.
Mr Lee said it marked a win-win solution for the two countries, while Mr Najib described the move as 'historic because we see now the light at the end of the tunnel with respect to an outstanding issue that has been lingering for almost 20 years'. Among the other announcements today were plans to increase bus and cross-border taxi services, a reduction in toll charges at the Second Link, and joint-development of an iconic project in the Iskandar development corridor in southern Johor.
I am not sure how this agreement works. Under this agreement, 6 parcels of land (presumably all owned now by Malaysia) will be put into a development company of which the malaysians will own 60%. Therefore, I assuming that the 40% singapore owner (Temasek) will provide the funding to build and develop the land on its own. i.e. Malaysia contributes the land, Spore contributes the money, and together, you get new condos, offices and malls on these lands. However, being the junior partner, S'pore will not have final say on the mix of the type of development to go in there. What if the majority partner wants to put a mosque right in middle of the development. Can the junior partner overwrite the decision? How is the profit going to be split. What is the exit strategy for the partners? Temasek is now going directly into land development?
Does the CIQ for Malaysia at woodlands now mean that she has a sovereignty over that part now? And why bother to swap the lands? The proposed land to be swap near Marina Sands was never part of the singapore mainland, and is reclaimed land which cost much more money as opposed to the other lands which cost nothing as they are already in existence as part of the island. Why throw a swap clause in there? Was the deal so unfavourable to you that u have to propose a swap too?
Other reports indicated that in addition to not pursuing a water renewal in 2061, all water works facilities build in Johor by S'pore will revert to Malaysia at the end of the water agreement. Well, this was in the original clause anyway. The availability of this Tanjong Pagar railway land (of which only 40% is S'pore) is more than offset by the amount of land that has to be set aside for Newater plants and desalination plants. It is much better off to propose to the Malaysians that we will help them develop the Tanjong Pagar railway lands into much more profitable condos and what not in exhange for cheap water into perpetuity. The cost of producing water thru desalination and newater will bankrupt us in the long run.
May 24, 2010
Agreement on railway land
By Jeremy Au Yong
Related Link
Joint Statement at the Singapore-Malaysia Leaders' Retreat on 24th May 2010
Both Mr Lee and Datuk Seri Najib hailed the development - which arose in part from an understanding reached on how to move forward on the Points of Agreement on Malayan Railway Lands here, a document signed in 1990. -- ST PHOTO: LAU FOOK KONG
PRIME Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak announced a breakthrough on Monday on a two-decade-old spat over Malayan Railway land here.
Speaking to reporters after a meeting at the Shangri-La Hotel, they said that the Keretapi Tanah Melayu's Tanjong Pagar station will be relocated to the Woodlands Train Checkpoint by July 1 next year. Malaysia's customs, immigration and quarantine facilities will also be co-located there.
Additionally, a company known as M-S Pte Ltd will be set up to develop six parcels of land. Malaysia's Khazanah Nasional Berhad will have a 60 per cent stake in the company, and Singapore's Temasek Holdings will own the remaining 40 per cent.
The land parcels - in Tanjong Pagar, Kranji, Woodlands and three in Bukit Timah - could be swopped for land of equivalent value in Marina South and the Ophir-Rochor area.
Both Mr Lee and Datuk Seri Najib hailed the development - which arose in part from an understanding reached on how to move forward on the Points of Agreement on Malayan Railway Lands here, a document signed in 1990.
Mr Lee said it marked a win-win solution for the two countries, while Mr Najib described the move as 'historic because we see now the light at the end of the tunnel with respect to an outstanding issue that has been lingering for almost 20 years'. Among the other announcements today were plans to increase bus and cross-border taxi services, a reduction in toll charges at the Second Link, and joint-development of an iconic project in the Iskandar development corridor in southern Johor.
