Kuala Lumpur- Singapore High Speed Rail, should be seen as a project that could boost tourism and property market in both countries (Singapore and Kuala Lumpur). It should NOT be viewed only as a transport upgrade, says critic.
According to Hoo Ping, an economic analyst, the S$15.6 billion project will spark a new phase of tourism development in Malaysia as it will attract foreign tourists in the country. Furthermore, though the project is focused mainly in Johor, neighboring estates such as Kula Lumpur, Malacca and Negri Sembilan can also benefit from such.
It can be assumed that upon the completion of the rail, property growth in both countries will increase- so as other sectors of the market. Say for example, high employment rate can be foreseen for job hunters living in Malaysia as they can easily connect to job opportunities in Singapore.
To oppose, Hoo said that a different thing would happen. He believes that more Singaporeans will go to Malaysia because of their lower currency and less expensive shopping treats.
Rumors are running loose about the imposed Singaporean rule that businesses in the country could only employ foreign employees who would earn a salary of USS12,000 a month or more. With this, low earning jobs do not require Malaysian employee or foreign employee but only citizens. The thing is, this speculation is baseless as there are no set rules about this just yet.
Another economist pursues the belief that the project is very good for both countries in terms of connectivity. The rail will connect the developed Singapore to a fast developing Malaysia. This connectivity will help in the allocation of resources for both countries as well as promote ease in networking. Local businesses in-between the rail tract will also benefit from it.