BEIJING — Malaysia’s King Sultan Ibrahim Iskandar is looking to secure funding from Chinese investors for a multibillion-dollar high-speed rail project linking Malaysia and Singapore, according to sources familiar with the matter. The project, which was revived by Prime Minister Anwar Ibrahim’s government in 2023, is expected to be privately funded without taxpayer money.
Sultan Ibrahim’s visit to China, which began on September 19, follows an invitation from Chinese President Xi Jinping, whose Belt and Road Initiative has fueled infrastructure projects across Asia. The Malaysian monarch’s delegation includes representatives from YTL, one of the companies shortlisted for the high-speed rail project.
The rail project aims to cut travel time between Kuala Lumpur and Singapore to 90 minutes, a significant reduction from the current four-hour drive. The project was initially proposed in 2010 but postponed in 2018 due to high costs. It was canceled in 2021 before being revived under the condition that private investments would fund it.
The Malaysian government is expected to decide on the project’s viability by the end of 2024. A shortlist of three consortiums, including YTL, Berjaya Land, and a Chinese consortium led by China Railway Construction, is competing to lead the project, which requires at least 51% Malaysian ownership. Approval from Singapore is also necessary for the project to proceed.
China has expressed support for Malaysia’s infrastructure ambitions, with Premier Li Qiang pledging backing for major development projects during his June visit to Malaysia.