Temasek and Khazanah in $9bn property development deal

image captionSingapore's economic growth has seen a surge in demand for commercial and retail space

Singapore and Malaysia's state-owned investment companies have agreed to develop jointly projects in the two countries.

Temasek Holdings and Khazanah Nasional will develop $9.8bn (£6bn) worth of projects in Southern Malaysia and central Singapore.

The announcement comes as the two countries signed a deal resolving a long running land dispute.

The developments will include commercial and residential components.

"Both these projects mark our first joint development investment with Temasek, and we look forward to a strong and fruitful partnership in both Singapore and Iskandar Malaysia," said Azman Hj Mokhtar, Managing Director of Khazanah.

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