Minister: Old HSR model too costly, new proposal allows local firms to join

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Minister in the Prime Minister's Department Mustapa Mohamed said the original model of the Kuala Lumpur-Singapore High Speed Rail (HSR) model, which would have required tenders to be jointly conducted with Singapore, was too costly.Furthermore, Mustapa said, the new model proposed by Malaysia will give Putrajaya the freedom to appoint local contractors and consultants.He said this in response to Singapore's Transport Minister Ong Ye Kung, who said the main reason why both countries could not reach an agreement on the HSR project was because Malaysia wanted to do away with the jointly-tendered asset company (AssetsCo)."In Malaysia's view, the method agreed in 2016 would increase the cost. That is why we decided to review the AssetsCo model in order to reduce cost," Mustapa said in an interview on Astro Awani. He said this was particularly needed as Malaysia…