MTR and MY's MRT Corp join hands to tap into land development potential in MY

Hong Kong has agreed to join hands with Malaysia in developing transit-oriented development project adjacent to the new terminal station in Malaysia, as part of Hong Kong's leader John Lee's visit to Malaysia, the last station of his ASEAN trip. 

On Friday (28 July), MTR Corporation has signed a Memorandum of Understanding (MoU) with Malaysia's Mass Rapid Transit Corporation (MRT Corp) to establish a business collaboration for setting out a framework for a transit-oriented development (TOD) project adjacent to the new terminal station of a new rapid transit line in Malaysia.

MRT Corp is currently constructing the Malaysian section of the new Rapid Transit System Link Johor Bahru-Singapore (RTS) including the Bukit Chagar RTS Station which is the terminal station of the new line in Malaysia and the Malaysian Immigration, Customs and Quarantine (ICQ) complex. MRT Corp plans to carry out a TOD project on the land adjacent to the abovementioned terminal station and the ICQ complex building, aiming to create sustainable income for the railway project and initiate the regeneration of the surrounding areas.

Under the partnership, MTR Corporation will assist with the technical design and construction planning for the integration and interface with RTS rail infrastructure and the ICQ complex, longterm planning for the surrounding areas, exploration of the development mix and scale, formulation of sales and marketing strategies as well as financial modeling, investment and partnership model. The parties will set up working groups to further discuss the collaboration details in these areas.

Commenting on the partnership, David Tang, property and international business director of MTR Corporation said: "This MoU marks the beginning of a relationship that will see the exchange of technical know-how and experience in important areas of implementing TOD projects along the railway. We look forward to cooperating with MRT Corp to develop cities along the railway for their citizens with our expertise in building new communities under the ‘Rail plus Property’ model and providing seamless experience of railway and property."

“As the developer of urban rail transport infrastructure in Malaysia, MRT Corp’s mission has always been to catalyse sustainability of cities and mobility of people. Through this partnership with MTR Corporation, we aim to rejuvenate Bukit Chagar as an economic hub in Johor Bahru, capitalising on cross-border economies,“ said Datuk Mohd Zarif Hashim, CEO of MRT Corp.

On the other hand, Hong Kong and Malaysia have signed 11 memoranda of understanding (MoUs) and agreements in areas including trade, finance, railway, and property development, bringing the total to 33 MoUs during the week-long trip.

Lee has met with the prime minister of Malaysia, Dato’ Seri Anwar Ibrahim, and had exchanges with leaders of local commercial and industrial sectors. Lee said that the HKSAR government will further strengthen cooperation and exchanges with Malaysia in areas of commerce and trade, investment, innovation and technology, as well as culture and tourism.

Besides, the government of Malaysia has extended the visa-free entry for holders of the HKSAR passport to Malaysia from a month to 90 days, benefitting all holders of the HKSAR passport. Lee believed this new arrangement would further strengthen the tourism, cultural and economic ties between the two places, and would bring great convenience to HKSAR passport holders, especially in the business sector.

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