Malaysia and Singapore have concluded three key agreements that are necessary to resume the Rapid Transit System (RTS), which is expected to resume in 2026.
The signing ceremony had taken place at the international boundary line on the Causeway bridge due to restrictions on border crossings.
The project which has since been delayed more than a year, since April 1. Both parties to the agreement had decided to suspend the agreement for 6 months, last May, with Malaysia bearing the abortive costs of suspending the project.
The costs amounted to $600,000.
Both countries has also signed a joint-venture agreement between Singapore’s SMRT RTS Pte Ltd and Malaysia’s Prasarana RTS Operations Sdn Bhd to constitute RTS Operations Pte Ltd as an operator (OpCo), has also been signed.
The Singapore-incorporated RTS Operations will design, build, and finance the RTS Link operating assets including trains, tracks and systems and will maintain the rail line between Bukit Chagar in Johor Bahru and Woodlands North in Singapore.
According to a news report by The Edge Markets, Putrajaya has ensured that the fare for the proposed RTS will not be costly. Transport Minister, Wee Ka Siong said that fares will be the same but in respective currencies.
The fares are expected to be announced before the RTS operations begin.
“It will not be costly. We have to consider the B40 group and those who are daily commuters,” he told a press conference.