Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have inked the first Johor-Singapore Special Economic Zone (JS-SEZ) memorandum of understanding (MOU) between private companies of Malaysia and Singapore, according to a release on Feb 27th.
According to the MOU, both companies will collaborate to develop UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor, to accelerate growth within the JS-SEZ. This signing ceremony was held in conjunction with the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the group’s vision for Iskandar Puteri.
Iskandar Puteri, which is part of Flagship Zone B of the JS-SEZ, specializes in various sectors such as manufacturing, business services, education, health, and tourism. If you’re interested in investing in overseas properties, check out the projects available for sale around the world.
The MOU will cover UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The collaboration aims to tap into the potential of Iskandar Puteri and enhance its attractiveness for investment. The focus will be on improving connectivity, nurturing talent development, and creating a business-friendly ecosystem to drive sustainable economic benefits in Johor.
According to Hafizuddin Sulaiman, CFO of UEM Sunrise, “This partnership is not just about development, but also about shaping a thriving end-to-end, future-ready economic hub that fuels long-term growth, creates jobs, and strengthens the JS-SEZ ecosystem.”
The sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, and this partnership aims to drive long-term economic growth and position Iskandar Puteri as a robust business and investment hub. “The JS-SEZ, developments in Iskandar Puteri, and strategic partnerships are all part of a larger vision to position Johor as a dynamic and forward-thinking economy,” says Datuk Hisham Hamdan, chairman of UEM Sunrise, in a speech.
Cheng Hsing Yao, CEO of GuocoLand, says, “By leveraging our experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia, and China that wish to establish a presence in the JS-SEZ, together, our combined expertise will enable us to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.”
UEM Sunrise has already made a significant contribution to the urban development of Iskandar Puteri. Existing developments under the group include residential townships such as the Aspira series and Senadi Hill. The group has also developed commercial and retail hubs, including an upcoming 380-acre industrial park in Gerband Nusajaya.
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The expected growth in Iskandar Puteri will be driven by incentives and support schemes introduced by the governments of Malaysia and Singapore. These measures include special tax rates, stamp duty exemptions, and capital allowances, all aimed at attracting more investments for the JS-SEZ.