Prime Minister Lee Hsien Loong said in a statement on Friday that Singapore has fully accepted the Arbitral Tribunal's decision that the Malaysia-Singapore joint venture company, M+S, need not have to pay a development charge on three plots of former Malayan railway land.
Mr Lee said the decision has allowed the two countries to put the matter behind them, adding that he was "happy that Singapore and Malaysia have been able to resolve this dispute in this impartial and amicable way".
Here's the full statement released to the media:
In response to media queries on the award of the arbitral tribunal constituted under the auspices of the Permanent Court of Arbitration (the Arbitral Tribunal) on the issue of development charges relating to the former Malayan Railway land under the Points of Agreement (POA) on Malayan Railway land in Singapore, Prime Minister Lee Hsien Loong said:
"This was an issue left over from the POA which was signed in 1990. There was a question of whether development charge was payable on the three parcels of Points of Agreement (POA) land in Tanjong Pagar, Kranji, and Woodlands. Prime Minister Najib and I agreed to resolve it through arbitration.
This has been done, and the Tribunal has decided that development charge was not payable.
Singapore fully accepts the Tribunal's decision. It allows us to put this matter behind us. I am happy that Singapore and Malaysia have been able to resolve this dispute in this impartial and amicable way.
The full and successful implementation of the POA in 2011 has paved the way for joint development projects and closer collaboration between Singapore and Malaysia.
These include links in transport connectivity, and trade and investment. I look forward to making progress on them, and working with PM Najib bilaterally, and in ASEAN to benefit both countries."