Hong Kong will join Malaysia in developing an economic hub in southern Johor, near the Singapore border, as Malaysia looks to tap the land development potential near the site of an upcoming cross-border rail link.

Malaysia’s MRT Corp. and Hong Kong’s MTR Corp. signed a memorandum of understanding to develop a six-acre land for mixed-use in Bukit Chagar on Friday, as part of Hong Kong Chief Executive John Lee’s visit to Malaysia.

The development, worth 3 billion ringgit ($876.8 million), will come up less than one kilometre from the Malaysia-Singapore border. The location is also the site of the under-construction Bukit Chagar terminus station that’s part of the Johor Bahru-Singapore Rapid Transit System.

“The intended mixed development is expected to transform the area into an attractive investor destination, for local and international investors,” MRT Corp.’s Chief Executive Officer Mohd Zarif Hashim said at a briefing.

The RTS project, which is expected to serve up to 10,000 commuters per hour in every direction, is due for completion in 2026. It is expected to ease traffic congestion at Malaysia and Singapore’s land border crossing, one of the world’s busiest. The four-kilometre tansit has two stations — Bukit Chagar in Johor and Woodlands in Singapore.

Malaysia, Hong Kong plan economic hub near Singapore border

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

The new kings and queens of content

Singapore’s headline and core inflation figures increase to 4.7% and 3.3% in October

Changpeng Zhao, brawling titan of Binance, meets a sudden defeat

Optus CEO resigns after nationwide outage; former StarHub CEO to join as COO

'Is it time to revisit iFast?' UBS nearly doubles its target price to $10 on Hong Kong growth

Malaysia, Hong Kong plan economic hub near Singapore border

Related News

Highlights

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

Related News

Singapore jumps to third place out of 30 economies in sustainable global trade practices index: Hinrich-IMD study

Singapore gives economic optimists some succour

15 years after the global financial crisis: what has changed, and where are we heading?