But while it appears that the project was to have brought many benefits to the island republic, it would have done nothing for Malaysia, according to the new Pakatan Harapan led by Dr Mahathir Mohamad.
The Facebook page of the powerful Sultan of Johor - Malaysia's southernmost state bordering Singapore - previous year published a video of a tiny maritime facility built on Middle Rock.
A Singapore transport ministry spokesman told AFP the government had "not yet received any official notification from Malaysia".
Implying that the stunning election upset he led across the causeway may have a ripple effect in Singapore, Dr Mahathir said: "I think the people of Singapore, like the people in Malaysia, must be exhausted of having the same government, the same party since independence".
Malaysia's new finance minister Lim Guan Eng last week said that the government's total debt exceeded RM1 trillion, with the scandal-ridden 1MDB as a main contributor. We will make no money at all from the operation.
Najib said this is because the project was not created based on the decision of one country alone, but done after careful study on its benefits. "That is, for Singapore to forgo the legal or whatever fees involved in the cancellation of the HSR project", Wah Ng said.
"We need to do away with some of the unnecessary projects, for example the high-speed rail, which is going to cost us RM110bil and will not earn us a single cent".
He added: "If this country is to avoid bankruptcy, we must learn to manage our big debts". But of course, why we cancelled the project is because of affordability.
Questions will now be raised over Kuala Lumpur's huge property development, Bandar Malaysia (rendered above), a flagship scheme of 1MDB that was to be developed around the Malaysian terminus of the high-speed railway.
"Although the forfeited amount, for breaking the project agreement with Singapore, is not small to give up, it will speak volumes about Singapore". The government will revise development plans for the rest of the decade in line with election pledges and will continue projects that have a large impact on the economy, he said. Minister of Finance, Lim Guan Eng ends the statement by expressing their honest appreciation and gratitude to all Malaysians for all their support and concern.
However, Koh still hopes the HSR would link Kuala Lumpur and the republic and be extended to Malaysia's northern city of Penang.
That project is slated to open by 2024 and is viewed as crucial in easing congestion in one of the world's busiest land checkpoints.