The Straits Times quoted National University of Singapore’s (NUS) urban planning academic Steven Choo as saying that scrapping the HSR could affect the attractiveness of the Jurong Lake District, where the HSR terminus was proposed.
“The HSR was meant to be the game changer from day one and its terminus is also meant to be the centre and heart of the Jurong Lake District,” he said.
He said construction companies, research firms and subcontractors on both sides of the Causeway that won tenders for the project might still be able to claim damages for any contract breaches owing to such a move.
Choo said some property owners in Jurong stood to lose out in terms of possible financial gain.
“These residents will likely feel the pinch, since developers may not bite without the attractiveness of the HSR nearby,” he was quoted as saying.
The report said for example residents at Ivory Heights condominium in Jurong East, located near the proposed HSR terminus, had hoped for a collective sale of the condominium.
Among the losers, the ST report said, is the 557-room Genting Hotel Jurong under Genting Singapore, which had its first-phase opening in April 2015.
It reported that Genting had closed down 1.57% or 0.02 cent at S$1.25 on the Singapore bourse on Friday.
In December 2016, a legally binding agreement to launch the HSR was signed by then prime minister Najib Razak and his Singapore counterpart Lee Hsien Loong.
After announcing the project’s cancellation, Prime Minister Dr Mahathir Mohamad said discussions would be held with Singapore including on compensating the republic up to RM500 million for aborting the project.