Decision by Singapore, Malaysia to relocate Tanjong Pagar KTM railway station, which now sits on land owned by Malaysia, to Woodlands train checkpoint by July 2011, as well as jointly develop other Malaysia-owned land parcels in Singapore will have minimal impact on city-state in near term, according to analysts Dow Jones spoke to.

“The KTM train line brings only a small number of commuters relative to those arriving by buses or their own vehicles from Malaysia,” says Citigroup, “assessing the impact from the development of KTM land, which (is) quite prime, will require more details.”

UOB KayHian says while the move will release more land for development in Singapore, this is unlikely to come onstream over the next three years. But the brokerage cites Singapore’s Mapletree Investments as longer-term beneficiary.

“Given the scale of the project, we believe Mapletree may invite other government-linked developers to participate in the development", including CapitaLand (C31.SG).