On October 30, 2014, a Tribunal at the Permanent Court of Arbitration (the Tribunal) ruled that the joint Singapore-Malaysia venture M-S Pte Ltd owed no development charges to Singapore related to three parcels of land in Singapore.  According to the press release, the Tribunal determined that “M-S Pte Ltd, would [not] have been liable to pay development charges in the amount of S$1.47 billion on three parcels of former railway land . . . if the said parcels had been vested in M-S Pte Ltd and if M-S Pte Ltd had actually developed the lands in accordance with the proposed land uses set out” by the Points of Agreement between the two parties.  According to a joint press release, both Singapore and Malaysia “are satisfied with the arbitral process and. . . have agreed to abide by and fully implement the decision.”