SINGAPORE– The Marina One and DUO joint-development projects by Malaysia and Singapore will be a landmark for generations to come, says Prime Minister Najib Tun Razak.

Najib and Singapore Prime Minister Lee Hsien Loong had on Monday officially opened the two landmark developments by M S Pte Ltd as a result of the 2010 Singapore and Malaysia land swap deal.

“I still remember when I stood on the balcony of Monetary Authority of Singapore and Lee offered two pieces of land.

I accepted it immediately because I could see this is a way forward for us to resolve long-standing issues between (the) two sides,” Najib told a joint press conference on the occasion of the 8th Malaysia Singapore Leaders’ retreat at the Istana today.

“POA (Points of Agreement) was problematic. It had to be resolved and I’m glad we’ve resolved it in the best possible way and today we can see the result of that solution and the fact that we work together, we can move the agenda forward in many ways,” he said.

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, after which the groundbreaking ceremony of Marina One was held in July that year.

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

The projects is 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 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 POA 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.

Meanwhile, responding to a question posed by Bernama on the possibility of M S carrying out further joint development projects, both leaders expressed hope for more in the future.

Lee described bilateral relations with Malaysia as excellent, allowing both sides to do more together with many concrete projects which both peoples would benefit from.

The Singapore Prime Minister noted that Temasek and Khazanah joint-venture developments in Iskandar Malaysia, namely Afiniti Medini and Avira, were progressing well.

The joint developments are through Pulau Indah Ventures Sdn Bhd, a 50:50 joint venture.

According to Lee, Singapore is the second largest foreign investor in Iskandar Malaysia and Johor as a whole.

We are working closely together through Joint Ministerial Committee for Iskandar to foster a conducive business environment and enhance vocational and technical education training in skills that investors are looking for, he said.