Malaysian, Singaporean Firms Team Up To Develop Luxury Wellness Centres

Vanessa Doctor Asia Correspondent 5 January 2012

Malaysian, Singaporean Firms Team Up To Develop Luxury Wellness Centres

Malaysia's Khazanah Nasional Berhad and Singapore's Temasek Holdings have signed two joint ventures for up luxury real estate developments aimed at Asia-Pacific's growing high net worth client base. 

M+S Pte, the developer owned by Khazanah Nasional and Temasek in a 60:40 deal, is set to build a number of property complexes in Singapore, specifically in the higher-end Marina South and Ophir-Rochor areas. At present, the firms are seeking support from banks to finance the development amounting to around S$11 billion (RM27 billion = $8.5 billion). Construction is expected to commence in 2013. 

Another joint venture, Pulau Indah, is seeking to develop urban wellness resorts in the 5-acre Medini North and 210-acre Medini Central sites in Iskandar Malaysia. Pulau Indah, the 50:50 JV between Khazanah and Temasek, indicates that the gross development value of the projects is around RM3 billion. These include a luxury wellness centre, serviced residences, a corporate training centre and commercial, retail and residential offerings. The project is expected to start in 2013 and will be completed in four years. 

The Prime Ministers of Malaysia and Singapore witnessed the signing of the agreements between the two companies on 5 January.

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