A MRT train travels along a track in a neighbourhood in Singapore
SIngapore railways Reuters

Singapore and Malaysia on Tuesday signed an agreement on the Rapid Transit System (RTS) rail track linking Johor Baru and Woodlands in Singapore.

The bilateral agreement was signed by Singapore Transport Minister and Coordinating Minister for Infrastructure Khaw Boon Wan and Malaysia's Minister in the Prime Minister's Department Abdul Rahman Dahlan, according to the statement.

The RTS will the High Speed Rail (HSR) between Kuala Lumpur and Singapore. It will carry up to 10,000 passengers in each direction every hour after completion, which is slated by 2024.

To facilitate passenger flow, it will have co-located Custom, Immigration and Quarantine (CIQ) facilities in both Bukit Chagar and Woodlands North, the statement said.

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Passengers travelling in either direction will clear both Malaysia and Singapore authorities at the point of departure, and need not go through immigration clearance again at the point of arrival.

Each country will appoint an Infrastructure Company (InfraCo) to fund, build, own, maintain, and renew the civil infrastructure and stations within their respective territories.

Malaysia's InfraCo will be Prasarana Malaysia Berhad, while Singapore's InfraCo will be LTA.

Fares will be set commercially by an operating company, which will be jointly appointed by both the governments and not be regulated by the two governments.