HSR Finished

richardg · 26-05-2018, 09:18 PM

Govt to find ways to lower payment to S'pore for dropping HSR
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Mahathir: The terms and agreement for the HSR are such that if we decide to drop the project, it would cost us a lot of money. (Screenshot from The Edge TV)
PETALING JAYA (May 26): The government will find out how it can reduce the amount of money it has to pay to Singapore if it needs to drop the Kuala Lumpur-Singapore high-speed rail (HSR) project, said Prime Minister Tun Dr Mahathir Mohamad.

"The terms and agreement for the HSR are such that if we decide to drop the project, it would cost us a lot of money. We have entered into an agreement with Singapore. If we break the agreement, we have to pay a very large sum of money," he told The Edge weekly.

The 350km HSR will have a proposed seven stops — Bandar Malaysia, Bangi-Putrajaya, Seremban, Melaka, Muar, Batu Pahat, and Iskandar Puteri — in Malaysia, and Jurong East in Singapore.

The HSR, which is worth RM100 billion, and the East Coast Rail Link (ECRL) project, which has a contract value of RM60 billion, are two mega infrastructure projects cited by the 92-year-old premier as funded by a borrowing spree that had swelled the national debt to RM1 trillion.

The ECRL is expected to cost RM92 billion by the time it is paid off due to interest, said Mahathir.

"[Former Prime Minister Datuk Seri Najib Abdul Razak] knew very well that the ECRL, for example, is something we could not afford. It is not going to serve any purpose. It is not going to give us any returns. And yet, he went ahead and decided to build it.

"The government’s debt ceiling before was very much lower. But he [Najib] didn't care. What he did was he formed a body and then they borrowed. And eventually it [the borrowings] comes back to the government to pay," he said.

He called the previous government's attempt to rollout both multibillion-ringgit projects at once as "crazy".

"He didn't seem to think about how we were going to pay for all these," he said.

Mahathir added that the contract for the ECRL is "strange", as the terms state that the contractor must be from China while the borrowings of RM55 billion to fund the project must also come from the country.

Moreover, the funds must also be kept abroad to pay the contractor, who will be paid based on a pre-determined timetable and not progress of work done.

The ECRL is also being undertaken by state-owned contractor China Communications Construction Co Ltd while the loan is being provided by Export & Import Bank of China.

He added that the government will renegotiate the terms of the ECRL.

streetsmart73 · 26-05-2018, 09:54 PM

it just only begun

hkh · 27-05-2018, 05:04 AM

Think price of water will come next.........

streetsmart73 · 27-05-2018, 03:10 PM

Quote:

Originally Posted by hkh

Think price of water will come next.........

dragon will need to go across again veri soon 😆😆😆

TuNA · 27-05-2018, 07:20 PM

Jurong estate prices got affected ?

lenghan · 28-05-2018, 08:30 PM

http://www.asiaone.com/malaysia/maha...t-singapore-ft

"We need to do away with some of the unnecessary projects, for example the high-speed rail, which is going to cost us 110 billion ringgit (S$37 billion) and will not earn us a single cent. That will be dropped," Mahathir Mohamad told the Financial Times.

denser · 30-05-2018, 10:51 AM

Quote:

Originally Posted by TuNA

Jurong estate prices got affected ?

wah those bought expensive J Gateway suck thumb..

therat · 02-06-2018, 12:01 AM

Now malaysia finance minister said. HSR can relook into it in further.

I guess they not willingly to pay the breaking contract cost.
So just want to buy time. They hv pently of land to lay aside. I dont think they purchase any land or do and anything.
While sgp hv acquire land, design, quotation... Etc

Sent from my LG-H870DS using Tapatalk

hkh · 02-06-2018, 02:14 AM

If Najib can siphon money from 1MDB.......who knows what he had done to HSR ??

denser · 04-06-2018, 10:50 AM

Quote:

Originally Posted by therat

Now malaysia finance minister said. HSR can relook into it in further.

I guess they not willingly to pay the breaking contract cost.
So just want to buy time. They hv pently of land to lay aside. I dont think they purchase any land or do and anything.
While sgp hv acquire land, design, quotation... Etc

Sent from my LG-H870DS using Tapatalk

they very good at taking their own sweet time to build, look at danga bay as an example..

26-05-2018, 09:18 PM	#1
richardg Arofanatic Join Date: Oct 2005 Posts: 120	HSR Finished Govt to find ways to lower payment to S'pore for dropping HSR Facebook Twitter Mahathir: The terms and agreement for the HSR are such that if we decide to drop the project, it would cost us a lot of money. (Screenshot from The Edge TV) PETALING JAYA (May 26): The government will find out how it can reduce the amount of money it has to pay to Singapore if it needs to drop the Kuala Lumpur-Singapore high-speed rail (HSR) project, said Prime Minister Tun Dr Mahathir Mohamad. "The terms and agreement for the HSR are such that if we decide to drop the project, it would cost us a lot of money. We have entered into an agreement with Singapore. If we break the agreement, we have to pay a very large sum of money," he told The Edge weekly. The 350km HSR will have a proposed seven stops — Bandar Malaysia, Bangi-Putrajaya, Seremban, Melaka, Muar, Batu Pahat, and Iskandar Puteri — in Malaysia, and Jurong East in Singapore. The HSR, which is worth RM100 billion, and the East Coast Rail Link (ECRL) project, which has a contract value of RM60 billion, are two mega infrastructure projects cited by the 92-year-old premier as funded by a borrowing spree that had swelled the national debt to RM1 trillion. The ECRL is expected to cost RM92 billion by the time it is paid off due to interest, said Mahathir. "[Former Prime Minister Datuk Seri Najib Abdul Razak] knew very well that the ECRL, for example, is something we could not afford. It is not going to serve any purpose. It is not going to give us any returns. And yet, he went ahead and decided to build it. "The government’s debt ceiling before was very much lower. But he [Najib] didn't care. What he did was he formed a body and then they borrowed. And eventually it [the borrowings] comes back to the government to pay," he said. He called the previous government's attempt to rollout both multibillion-ringgit projects at once as "crazy". "He didn't seem to think about how we were going to pay for all these," he said. Mahathir added that the contract for the ECRL is "strange", as the terms state that the contractor must be from China while the borrowings of RM55 billion to fund the project must also come from the country. Moreover, the funds must also be kept abroad to pay the contractor, who will be paid based on a pre-determined timetable and not progress of work done. The ECRL is also being undertaken by state-owned contractor China Communications Construction Co Ltd while the loan is being provided by Export & Import Bank of China. He added that the government will renegotiate the terms of the ECRL.

28-05-2018, 08:30 PM	#6
lenghan Arofanatic Join Date: Jan 2007 Posts: 71	Mahathir to drop high-speed rail project with Singapore: FT http://www.asiaone.com/malaysia/maha...t-singapore-ft "We need to do away with some of the unnecessary projects, for example the high-speed rail, which is going to cost us 110 billion ringgit (S$37 billion) and will not earn us a single cent. That will be dropped," Mahathir Mohamad told the Financial Times.

26-05-2018, 09:54 PM	#2
streetsmart73 Hi there !!! 123 Join Date: Dec 2010 Posts: 3,895	it just only begun

27-05-2018, 05:04 AM	#3
hkh Arofanatic Join Date: Jun 2003 Posts: 113	Think price of water will come next.........

27-05-2018, 07:20 PM	#5
TuNA Dragon Join Date: Dec 2010 Posts: 1,254	Jurong estate prices got affected ?

02-06-2018, 12:01 AM	#8
therat Arofanatic Join Date: Jun 2004 Posts: 279	Now malaysia finance minister said. HSR can relook into it in further. I guess they not willingly to pay the breaking contract cost. So just want to buy time. They hv pently of land to lay aside. I dont think they purchase any land or do and anything. While sgp hv acquire land, design, quotation... Etc Sent from my LG-H870DS using Tapatalk

02-06-2018, 02:14 AM	#9
hkh Arofanatic Join Date: Jun 2003 Posts: 113	If Najib can siphon money from 1MDB.......who knows what he had done to HSR ??

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