The recent Singapore KL High Speed Rail project is expected to impact the Asian nations on a positive note. The project Memorandum of Understanding that was recently signed has already ignited expectations for the project that has a decade to be completed (2026). The first advantage of the high-speed rail project is likely to be regarding skills transfer. Singapore does not have high-speed rail technology experience, hence; this project will pave the way for an opportunity to build expertise. It will develop manpower in the sector and set a foundation for the development of the technology. Industry experts say property and construction industry will also benefit directly. This is because a lot of new properties and residential areas will spring up from the nodes of this rail project. The project will pave a platform for foreign investors to invest in Singapore and Malaysia on high and low-income earners. This is because the high-speed train will connect the rich Singaporeans with weak and medium, earning Malaysians in a given route.
Tourism attractions and expansion is another area of benefit to Singapore. Although this is also applicable to Malaysia, it is more beneficial to many Singaporean tourist centers. Many new tourist havens will spring up along the line of the rail thereby creating more business and growth for the construction and property sector. Many people foreign nationals will now love to invest in the nodal towns in Malaysia close to Singapore for cheaper reasons and the market opportunity that is rising.
Another benefit is the multiplier effect that the project will bring. Many Businesses resident in Malaysia will now be able to come to Singapore to have their headquarters and operations while having their factories and warehouses in the nodal places in Malaysia. Other international investors will do likewise and have their businesses stationed in Singapore as well. This will increase the number of residential apartments that will be needed as well the value of these apartments.
The proposed East Coast Rail Line (ECRL) project announced by Prime Minister Najib Razak in Budget 2017 spells good news for residents in Terengganu. The 600-kilometre project from Kuala Lumpur to Tumpat, Kelantan costing RM55 billion which would cut across Terengganu is expected to impact positively on the local economic and social sectors. Dungun parliamentary development officer Din Adam told Bernama when contacted that the ECRL would serve as an alternative mode of transport for the people, whereby they could have the benefit of comfortable and shorter time travel compared to land transport. The ECRL would boost Dungun's potential towards creating more growth centres for new towns in the district. Dungun, as Terengganu's learning and higher education hub will capitalise on this opportunity to further rejuvenate the economic and tourism sectors, which will indirectly create more employment opportunities.
New growth centres will indirectly enhance property value and the socio-economy of the residents. On behalf of Dungun residents, I thank the federal government's commitment to this project for the well-being of the people in the long run. The ECRL would spur economic growth for small and medium industries especially in Kemaman and Besut.This project will benefit more than 22,514 active SMIs in the state. The vast economic impact is expected to expand with a socio-economic plan that takes into account, ECRL stations to be constructed in the areas around. This project will provide major economic benefits such as employment and opportunities for growth in the tourism and construction industries, and food and retail sectors. It will also serve as a catalyst for rapid economic development in east coast states particularly Terengganu and the surrounding areas.
New growth centres will indirectly enhance property value and the socio-economy of the residents. On behalf of Dungun residents, I thank the federal government's commitment to this project for the well-being of the people in the long run. The ECRL would spur economic growth for small and medium industries especially in Kemaman and Besut.This project will benefit more than 22,514 active SMIs in the state. The vast economic impact is expected to expand with a socio-economic plan that takes into account, ECRL stations to be constructed in the areas around. This project will provide major economic benefits such as employment and opportunities for growth in the tourism and construction industries, and food and retail sectors. It will also serve as a catalyst for rapid economic development in east coast states particularly Terengganu and the surrounding areas.
