Malaysia and Singapore yesterday signed an agreement to build an ambitious high-speed rail link touted as a first for Southeast Asia that would knit the historically fractious neighbors more closely together.
The 350km bullet-train line from the regional financial hub of Singapore to Kuala Lumpur is expected to slash travel times to 90 minutes from the five or more hours by road today.
Authorities have yet to provide cost projections, but analyst estimates have been as high as US$15 billion, a potential bonanza for foreign railway contractors as well as other businesses expected to feed off ancillary developments related to the project. At a meeting in Malaysia’s administrative capital Putrajaya, officials from each side signed a memorandum to pursue the project, which is expected to pave the way for detailed talks and a call for international tenders.
Authorities hope to get trains rolling by 2026.
The signing was overseen by Malaysian Prime Minister Najib Razak and Singaporean Prime Minister Lee Hsien Loong (李顯龍). The two proposed the idea together in 2013.
“One can have breakfast in Kuala Lumpur, lunch in Singapore, and be back in time for dinner in Kuala Lumpur,” Najib said in a joint news appearance.
Singapore was booted from the Malaysian Federation in 1965 over ethnic issues, and relations in subsequent decades were punctuated by occasional bickering.
However, the two nations have remained important economic partners and relations have warmed significantly in recent years under Najib and Lee.
The rail proposal has already sparked interest among major Chinese, Japanese and South Korean rail firms, who have sought to tout their credentials.
However, speculation has mounted that Chinese national rail operator China Railway Corp (中國鐵路) has the inside track, which would be the latest sign of rapidly growing economic and trade ties between China and Malaysia.
China’s chances of landing a chunk of the high-speed rail project are widely seen as having been boosted after its largest nuclear energy producer last year came to the rescue of a scandal-tainted Malaysian state fund.
The fund, 1Malaysia Development Berhad (1MDB) — which was launched by Najib — faces allegations that billions were pilfered from it by politically connected Malaysian and Middle Eastern figures. Multiple investigations are under way overseas.
However, last year 1MDB sold its power assets to China General Nuclear Power Corp (CGN, 中國廣核集團) for US$2.3 billion. That gave 1MDB a lifeline in its struggle to stay solvent after running up debts of nearly US$12 billion and missing previous debt repayment deadlines.
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