SINGAPORE: The Land Transport Authority (LTA) on Thursday (Sep 21) announced the formation of a wholly owned subsidiary - SG HSR - to implement the Kuala Lumpur-Singapore High-Speed Rail (HSR) project.
SG HSR will be Singapore's infrastructure company for the HSR project, LTA said in a media release, adding that the firm will own, fund and maintain its civil infrastructure in the country. This includes the HSR station in Jurong East, the tunnels and a share of the connecting bridge over the Straits of Johor, LTA said.
SG HSR will also work with its Malaysian counterpart, MyHSR, to jointly appoint an assets company and an international operator for the project through an open international tender, LTA said.
"When HSR services commence, SG HSR will also administer the various concessions," the authority added.
SG HSR will have an initial share capital of S$1 million. "Given that this is a long-term project with a significant construction phase (approximately eight years) before service begins, SG HSR is expected to receive funding support from the Government in the initial years," LTA said in its press release.
Transport Minister Khaw Boon Wan described this move as "another milestone" of the HSR journey.
"SG HSR will work closely with its Malaysian counterpart," he said in a Facebook post.
"Together we shall realise our shared dream of a 90-minute ride from Singapore to Kuala Lumpur in 2026."
LTA chairman Alan Chan will concurrently be the chairman of SG HSR's board of directors while LTA deputy chairman Richard Lim will also hold the appointment of SG HSR deputy chairman, LTA said.
Additionally, Mr Rama Venkta, who was the project director of the HSR group in LTA, and Mr Chin Chee Kiat, who held concurrent roles in LTA's policy and planning and HSR groups, have been appointed as the company's managing director and deputy managing director, respectively.