$YTL (4677.MY)$ Anwar’s government already shortlisted three...

$YTL (4677.MY)$ Anwar’s government already shortlisted three out of seven consortiums that submitted proposals after issuing a so-called request for information late last year, Loke said, declining to identify the companies involved. The government’s policy is to have a strategic asset like the HSR given to a group that is at least 51%-owned by Malaysian firms, he said.

Separate proposals led by YTL Corp Bhd (KL:YTL), Berjaya Land Bhd (KL:BJLAND), and China Railway Construction Corporation have been shortlisted for the project, local news outlet The Edge reported in March, citing sources it didn’t identify. YTL is controlled by Tan Sri FrancisYeoh Sock Ping, while Berjaya is controlled by Tan Sri Vincent Tan Chee Yioun.

Sultan’s endorsement

Plans for the 350km rail line between Kuala Lumpur and Singapore were first approved in 2013, but then scrapped seven years later, because of disagreements over costs and other matters.

The sultan of Johor — a state that borders Singapore — said in December last year that he would push for the revival of the project, and suggested it be routed via Forest City, a troubled mega-development on the Singapore Strait in which he owns a stake. His Majesty Sultan Ibrahim became Malaysia’s king in January under the nation’s rotating monarchy system, a position he will hold for the next five years.

The rail line — which seeks to cut travel time between the two cities to 90 minutes from more than four hours by car — was estimated to cost as much as RM100 billion as a government-funded project.