KUALA LUMPUR: MRT Corp has signed a partnership agreement with Hong Kong's MTR Corporation to embark on their first-ever large-scale property rejuvenation project that will convert Bukit Chagar in Johor Baru into a southern economic hub.
MRT Corp chief executive officer Datuk Mohd Zarif Hashim said the memorandum of understanding (MoU) inked today would see the cooperation between both companies in the mixed development property venture adjacent to the future Bukit Chagar Rapid Transit System (RTS) station.
"The Bukit Chagar regeneration will redefine urban living, offering convenience on a whole new level via a curated mix of development offerings that integrate hardware, software and mobility," he said.
Zarif said the mixed development was expected to transform the area in Bukit Chagar into an attractive destination for local and international investors.
The development, he added, would occupy six acres of land.
Zarif said MRT Corporation was known in the property development scene in Hong Kong, adding that they were good at integrating "lifestyles with rail".
"Through this collaboration, both companies aspire to build livable communities in Bukit Chagar through the aggregation of the right content such as curating the right retail mix to meet lifestyle needs, hospitality offerings, healthcare and wellness services as well as top top-class executive education," he said.
The development is intended to complement a planned new rapid transit system (RTS) link between Johor Baru and Singapore – a 4km railway shuttle which will connect Bukit Chagar to Woodlands, Singapore.
The RTS project, which will reduce congestion at the Causeway by at least 30 per cent, will accommodate 10,000 passengers per hour per direction and reduce cross-border travel on the Causeway from 90 minutes to just 15 minutes during peak hours.
The MoU was inked by Zarif Hashim and MTR Corporation's property and international business director, David Tang Chi- Fai.
Witnessing the MOU signing were Transport Minister Anthony Loke Siew Fook and Hong Kong's Transport and logistics secretary Lam Sai-Hung.