Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently signed the first Memorandum of Understanding (MOU) between private companies in Malaysia and Singapore to jointly develop selected freehold landbank in Iskandar Puteri, Johor. This collaboration is part of Johor-Singapore Special Economic Zone (JS-SEZ) to accelerate growth in the region.
The MOU signing took place on February 27, in conjunction with the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the group’s vision of Iskandar Puteri. As the Flagship Zone B of JS-SEZ, Iskandar Puteri specializes in various sectors such as manufacturing, business services, education, health, and tourism.
The MOU is expected to 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 enhance the attractiveness for investment and activate the potential of Iskandar Puteri by improving connectivity, developing talent, and creating a business-friendly ecosystem.
According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this partnership goes beyond just development, as it also aims to shape a thriving and future-ready economic hub that supports long-term growth, job creation, and strengthens the JS-SEZ ecosystem.
The sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making it an ideal location for businesses to invest in. Datuk Hisham Hamdan, chairman of UEM Sunrise, believes that the JS-SEZ and the developments in Iskandar Puteri will contribute to positioning Johor as a dynamic and forward-thinking economy.
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GuocoLand CEO Cheng Hsing Yao also mentioned that the Singapore-listed property group brings with it experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia, and China who wish to establish a presence in the JS-SEZ. He adds that together, their combined expertise will enable them to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.
Prior to this collaboration, UEM Sunrise has played a significant role in the urban development of Iskandar Puteri. Their existing developments in the region include residential townships such as the Aspira series and Senadi Hill, as well as commercial and retail hubs such as an upcoming 380-acre industrial park in Gerband Nusajaya.
The growth in Iskandar Puteri will be driven by the incentives and support schemes introduced by the governments of Malaysia and Singapore, which aim to attract investments to the JS-SEZ. These measures include special tax rates, stamp duty exemptions, and capital allowances.