Budget carrier AirAsia hopes to start flights between Malaysia and Singapore in December, pricing a one-way ticket at about the equivalent of a bus fare, chief executive Tony Fernandes said Thursday.

AirAsia last week won a long battle to break into the lucrative route, monopolised for 35 years by the national carriers of the both countries.

The monopoly has sparked complaints from passengers that tickets were overpriced for flights that takes less than one hour.

"Fares will drop a lot," Fernandes told reporters on the sidelines of an aviation conference in Singapore. "I think we will be dropping it by about 50 to 60 percent. It won't be 30 percent."

He said Malaysia-based AirAsia, which pioneered low-fare flights in Southeast Asia, hopes to start the service by December.

"We are excited about it," Fernandes said, adding they plan to charge 150 Malaysian ringgit (45 US dollars) for a one-way ticket including taxes.

Bus fares from Singapore to Kuala Lumpur range between 47 and 55 Singapore dollars for luxury coaches, that includes a meal, covering the five hour drive.

A return ticket between the cities on national carriers costs about 460 Singapore dollars (317.50 US dollars).

Tiger Airways, which is 49 percent owned by Singapore Airlines, has also expressed a desire to fly the route at the earliest possible time.