SINGAPORE: Malaysia's MyHSR Corporation and Singapore's SG HSR on Wednesday (Dec 20) called a joint tender for an assets company for the Kuala Lumpur-Singapore high-speed rail (HSR) project.
This company will be responsible for designing, building, financing and maintaining all rolling stock and rail assets as well as operating these assets for the high speed rail, the two companies said in a joint press release.
The assets company will also "coordinate the system's network capacity" for operations and maintenance needs, the press release added.
Tender submissions will be evaluated for their "technical solution, commercial robustness, financial sustainability and price", it said.
Singapore and Malaysia signed a bilateral agreement for the HSR project in December 2016.
It will be served by four trains every hour once it starts operations in 2026, two of which will offer an express service between the Bandar Malaysia terminal in Kuala Lumpur and Jurong East in Singapore every 30 minutes.
The HSR project will generate "huge socio-economic benefits arising from the increased connectivity and travel efficiencies", said Mohd Nur Ismal Mohamed Kamal, MyHSR Corporation's chief executive officer, adding that the the company was "delighted with the progress thus far".
“Today marks a major milestone for this game-changing project, which will dramatically improve connectivity between Singapore and Malaysia," said SG HSR's managing director Rama Venkta.
"We are heartened by the enthusiastic response from the market for the Kuala Lumpur-Singapore HSR so far."
Bidders will have until Jun 29 next year to submit proposals to MyHSR Corporation and SG HSR, with the companies hoping to select a qualified bidder by the end of 2018.
All bidders - whether based in Malaysia, Singapore or overseas - are welcome, said the two companies.
A tender briefing will be held in Kuala Lumpur on Jan 23 next year.