Singapore and Malaysia have decided to settle the issue of Malaysian railway land in Singapore by agreeing on a land swap.
Singapore will receive three plots of railway land in Tanjong Pagar, Kranji and Woodlands, and another three in Bukit Timah.
In return, Malaysia will get four parcels of land in Marina Bay, and another two in Ophir-Rochor.
The six prime sites in Marina Bay and Ophir-Rochor that will be developed jointly by Singapore and Malaysia could be worth billions, say property experts
All the plots are white sites, meaning they can be developed for commercial, hotel or residential use.
Two are in the Ophir-Rochor zone and may be worth up to $950 million in all, Mr Nicholas Mak, the executive director of SLP International's research and consultancy division, said after a back-of-the-envelope calculation.
The other four plots in the prime Marina South area could be worth from $1.8 billion to $2.2 billion, he estimated.
These estimates are based on factors such as the land area, land usage, current market conditions and what similar land parcels nearby can fetch.
The four parcels in Marina South have a combined site area of 2.62ha and a gross floor area of 341,000 sq m, the Ministry of National Development said yesterday.
When the land for the nearby Marina Bay Financial Centre (MBFC) was sold at tender, it fetched nearly $2 billion in total. The site included 244,000 sq m of land for phase one of MBFC, and when that was put up for tender in 2005, it attracted a top bid of about $1 billion.
Prices had shot up nearly 15 per cent when the second phase comprising 194,000 sq m was sold in early 2007. That plot went for $907 million.
When developed, the four plots at Marina South could be worth much more.
The two sites in the Ophir-Rochor area - one at Ophir Road, the other at Rochor Road - together form a U-shaped plot around an existing office block, Parkview Square.
They have a combined site area of 2.67ha and could accommodate a total gross floor area of 160,020 sq m, including office space and a hotel with an estimated 480 rooms.
Knight Frank chairman Tan Tiong Cheng said: 'For the Malaysians, it is a win-win situation as they now have two prime locations.
'The Marina South parcels are very strategic primesites within the new downtown, while the Ophir-Rochor sites are in a vibrant, bustling part of Singapore.'
Source: The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.
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