South parcels are located at the heart of the financial and business cluster in Singapore's Marina Bay, while the two Ophir-Rochor parcels are located next to the Kampong Glam Historic District, in a new growth corridor that is being developed as an extension of Singapore's Central Business District. The Marina South and Ophir-Rochor land parcels shall be vested in M-S Pte Ltd for joint development when Keretapi Tanah Melayu Berhad (KTMB) vacates the Tanjong Pagar Railway Station. The station will be relocated from Tanjong Pagar to the Woodlands Train Checkpoint (WTCP) by 1 July 2011 whereby Malaysia would co-locate its railway Custom, Immigration and Quarantine facilities at WTCP. The Joint Implementation Team shall conclude by 31 December 2010 their discussion on the details of the implementation of the POA. Disagreement over development charges The two countries however could not come to an agreement over the payment of development charges to be levied by the Singapore government for the POA land in Tanjong Pagar, Kranji and Woodlands. Development charge is a tax on the enhancement in land value resulting from the approval of a higher value development proposal. Malaysia believes the POA renders the charge inapplicable to these three parcels, but agreed to the tax for the Bukit Timah parcels which were not covered in the POA. Singapore on the other hand believes it still applies and must be considered to determine a land swap of equivalent value. Both leaders have agreed to bring the matter for arbitration at the Permanent Court of Arbitration. They further agreed to accept the arbitration award as final and binding. The arbitration will proceed on its own track and shall not affect the implementation of the POA and the other bilateral initiatives agreed in the Joint Statement of 24 May 2010. On 31 October 2014, The Permanent Court of Arbitration ruled in favour of Malaysia that the development charges for the three parcels need not to be paid. References Treaties of Malaysia Treaties of Singapore Treaties concluded in 1990 1990 in Malaysia 1990 in Singapore Malaysia–Singapore border crossings