KUALA LUMPUR, July 18 — Malaysia is shortlisting proposals for a high-speed rail link between the capital here and Singapore and should decide if it will proceed with the multibillion dollar project soon.

In an interview with Bloomberg, Transport Minister Anthony Loke expressed hope that Malaysia’s Cabinet would decide on the viability of the project by the end of the fourth quarter.

"Once we have a policy decision to proceed with the high-speed rail, we will start negotiations with Singapore,” Loke was quoted as saying.

The government has already shortlisted three out of seven consortiums that submitted proposals following a request for information issued late last year.

Loke did not disclose the companies involved, stating only that the government’s policy is to award the high-speed rail project to a group that is at least 51 per cent owned by Malaysian firms.

According to local news outlet The Edge, the shortlisted proposals include those led by YTL Corp., Berjaya Land Bhd and China Railway Construction Corporation. YTL and Berjaya are controlled by Malaysian tycoons Francis Yeoh and Vincent Tan, respectively.

The 350-kilometre rail line between Kuala Lumpur and Singapore was initially approved in 2013 but was scrapped seven years later due to disagreements over costs and other issues.

In December, the Sultan of Johor, Ibrahim Iskandar, who became Malaysia’s king in January, advocated for the revival of the project, suggesting it be routed via Forest City, a mega-development in which he owns a stake.

The high-speed rail aims to reduce travel time between the two cities to 90 minutes from more than four hours by car, with the cost estimated at up to RM100 billion ($21.4 billion) as a government-funded project. However, Loke suggested the cost could be lower depending on the selected proposal. He also mentioned that while the government is not ruling out assistance for the project, it is not keen on providing a guarantee due to concerns over increasing Malaysia’s debt burden.

"We definitely do not want to increase our liability.

"There are a lot of other things that can incentivise the private sector," Loke was quoted saying.

The high-speed rail project could eventually become a crucial part of a network of Beijing-backed rail lines connecting China with much of the region.

Loke stated that Malaysia is on track to complete its China-built rail line linking the east and west coasts of Peninsular Malaysia by the end of 2026, with services expected to launch the following year.

He also mentioned discussing a proposal with Thailand to connect the project to its rail network, ultimately aiming to link more of Southeast Asia to China by rail.

"I’m sure we can continue to push and to continue to convince our counterparts from Thailand, Laos to take part in this whole thing,” Loke was reported saying.