Land-swap deal finalized by Singapore, Malaysia

Singapore and Malaysia Monday settled a land swap agreement for four parcels of land in Singapore on Monday, local media reported.

Singapore Prime Minister Lee Hsien Loong met with his Malaysian counterpart Najib Razak on Monday on bilateral issues after the last meeting in Malaysia in June, local TV broadcaster Channel NewsAsia reported.

The land swap goes toward implementing the 1990 Points of Agreement (POA) on Malaysian Railway Land in Singapore.

Both leaders agreed that the Singapore government will vest the four land parcels in Singapore's Marina South and the two land parcels in Ophir-Rochor in M-S Pte Ltd - the company formed to look into the implementation details.

This is in lieu of the three parcels of POA land in Singapore's Tanjong Pagar, Kranji and Woodlands, as well as parcels of land in Bukit Timah.

Giving details, a joint statement said the four Marina South parcels are located at the heart of the financial business cluster in Singapore's Marina Bay.

The two Ophir-Rochor parcels are located next to the Kampong Glam historic district in a new growth corridor being developed as an extension of Singapore's Central Business District.
(Source:xinhua)