Sultan Ibrahim wants HSR revived, realigned to pass Forest City

 

Johor ruler Sultan Ibrahim Sultan Iskandar wants the Kuala Lumpur-Singapore High-Speed Rail (HSR) project revived.

In an interview with Singapore's Straits Times, he is also cited as saying that he wants HSR to be re-aligned so that the border crossing is via Forest City - a project the sultan has a business stake in.

Forest City is developed by Country Garden Pacificview Sdn Bhd, which is jointly owned by Country Garden Waterfront Sdn Bhd (60 percent) and Esplanade Danga 88 Sdn Bhd (40 percent).

Sultan Ibrahim owns a 63.8 percent stake in Esplanade Danga 88, according to company records acquired today.

Meanwhile, Daing A Malek Daing A Rahman, a close business associate of the Johor ruler, is also a director in Country Garden Pacificview, and holds a 15.6 percent stake in Esplanade Danga 88.

The Forest City project has been struggling after China imposed offshore investment curbs on its citizens, and is often referred to as a "ghost city" due to its low occupancy.

In August, Prime Minister Anwar Ibrahim announced that a Special Financial Zone (SFZ) would be created in Forest City to boost investments and economic growth.

The HSR, meanwhile, was a project that was shelved by previous administrations.

The Anwar government has said it would be open to the project being revived, without public financing.

Instead, the plan is to have the project financed by the private sector.

Sultan Ibrahim, in the interview with the Straits Times published today, had similar ideas.

"I will make it (HSR, come back) on," he said.

He is cited as saying the project could be funded privately, with the government paying the contractor a 30-year lease to operate the line, before taking over the project. - Mkini