SEPANG, Sept 3 — Putrajaya will reveal its decision on the highly anticipated Kuala Lumpur–Singapore high-speed rail (HSR) project "when the time is right,” Transport Minister Anthony Loke said today.

At a press conference at KLIA 2, Loke mentioned that progress has been made but emphasised that an announcement will follow only after further deliberations between Malaysia and Singapore.

"There is progress but when the time is right, we’ll announce. I do not want to give any indication right now, it’s not fair to give any indication, because as I mentioned, we have mentioned our position many times on HSR, so let’s wait for the process to take place and once we have a decision, of course we have to take to the Singapore government as well.

"So once we have that position, then we will surely announce it,” Loke said, after launching CapsuleTransit MAX, a premium transit hotel for travellers, here.

In July, it was reported that Malaysia was shortlisting proposals for the said project, and should decide if it will proceed with the multibillion dollar project soon.

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

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.

Malaysian conglomerates YTL and Berjaya are owned by prominent tycoons Tan Sri Francis Yeoh and Tan Sri 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.

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 as a government-funded project.

However, Loke suggested the cost could be lower depending on the selected proposal.

He also said 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.