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Saturday, September 17, 2011

‘Let International Court decide on KTM land swap charges’

There has been no decision on the quantum for developing the KTM land parcel and a third party might be called in to settle the issue.

SINGAPORE: The best way to deal with the issue related to the quantum of development charges for the Keretapi Tanah Melayu land swap is to let the International Court of Justice decide, Malaysian High Commissioner to Singapore Datuk Md Hussin Nayan said.

This is what Malaysia have agreed to, he added. “If the two sides cannot decide, then a third party will have to decide,” he told reporters at Malaysia’s 54th National Day reception here last night.

The two neighbours agreed on the land swap deal for KTM in a breakthrough meeting between Prime Minister Datuk Seri Najib Tun Razak and his Singaporean counterpart Lee Hsien Loong in Sept last year, but left the quantum of development charges for the original railway land to be decided later.

Najib had accepted the offer for four land parcels in Marina South and two pieces in Ophir-Rochor in exchange for three parcels of KTM land in Tanjong Pagar, Kranji and Woodlands, and three pieces in Bukit Timah.

The two leaders, however, could not agree on the development charges payable on the three KTM land parcels in Tanjong Pagar, Kranji and Woodlands.

Najib and Lee agreed to settle the issue amicably through the Permanent Court of Arbitration, and “will accept the arbitration award as final and binding.”

It was agreed that MS Pte Ltd, a 60-40 joint venture between the Malaysia’s Khazanah Nasional Bhd and the republic’s Temasek Holdings, will handle the six Singapore land parcels for joint development after KTM vacates the Tanjong Pagar railway station to the Woodlands train checkpoint.

KTM vacated the Tanjong Pagar Railway Station last July.

Md Hussin believed that the issue would be resolved “quite quickly” through arbitration.Asked if the issue could yet be settled out of court, he said that anything was possible because it was between the two countries.

-Bernama

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