Despite having to pay Singapore a compensation for pulling out of the KL-Singapore High-Speed Rail (HSR) project, Malaysian Prime Minister Mahathir Mohamad has said in a press conference earlier this week that they will be doing just that.
HSR project deemed to be unnecessary for Malaysia
Labeled as an “unnecessary project”, Mahathir has said the project will cost RM110 billion (S$37 billion) with no chance of them earning a cent. The terminus was planned to connect Singapore’s upcoming Jurong Lake District, or the second Central Business District (CBD).
Will this retraction be an obstacle to the development of the district?
Previously lauded as the “jewel of the crown” of the Jurong Lake District, many of the Urban Redevelopment Authority’s (URA) plans may be interrupted. First obstacle – the 67-hectare site where the Jurong Country Club used to sit and where the HSR terminus was meant to be, will now be vacant.
Jurong Lake District’s development may face some obstacles
Much of the area’s development is dependent on the HSR and Malaysia’s move may set the development back by quite a few years.
Without the railway, the business may be less inclined to set up shop there, hence taking away population migration which could then affect the residential sales and rental markets.
The terminus was poised to bring in 100,000 new jobs in sectors such as maritime, infrastructure and technology. But the district is still close to many other industries such as manufacturing, research and business, and educational institutions such as the Nanyang Technological University and National University of Singapore nearby.
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