Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently inked a crucial Memorandum of Understanding (MOU) between private companies from both countries. The MOU signing marks the first collaboration between Malaysia and Singapore private companies in the Johor-Singapore Special Economic Zone (JS-SEZ), as stated in a press release on Feb 27.
As per the MOU, UEM Sunrise and GuocoLand will work together to develop UEM Sunrise’s selected freehold land in Iskandar Puteri, Johor in order to accelerate the growth in JS-SEZ. The signing ceremony took place during the grand opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the developer’s vision for Iskandar Puteri.
Flagship Zone B of the JS-SEZ, Iskandar Puteri is a specialized area that caters to various sectors including manufacturing, business services, education, health, and tourism. This strategic partnership aims to maximize the potential of Iskandar Puteri and make it a more attractive destination for investment. Together, the companies will focus on improving connectivity, nurturing talent development and creating a business-friendly environment in order to generate sustainable economic benefits in Johor.
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Hafizuddin Sulaiman, Chief Financial Officer of UEM Sunrise, states, “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 collaboration will cover UEM Sunrise’s selected land parcels in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. With the joint efforts of both companies, Iskandar Puteri is expected to witness long-term economic growth and emerge 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 his speech.
Cheng Hsing Yao, CEO of GuocoLand, highlights the property group’s expertise in real estate development, asset management and its understanding of the requirements of companies from Singapore, Malaysia, and China seeking to establish a presence in the JS-SEZ.
He adds, “Together, our combined expertise will enable us to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.”
Prior to this collaboration, UEM Sunrise has been an active contributor to Iskandar Puteri’s urban development. The developer has already completed several residential townships such as the Aspira series and Senadi Hill, along with commercial and retail hubs. UEM Sunrise also has plans for a 380-acre industrial park in Gerband Nusajaya.
The growth in Iskandar Puteri is expected to be driven by incentives and support schemes introduced by the governments of Malaysia and Singapore, which aim to attract investments for the JS-SEZ. These measures include special tax rates, stamp duty exemptions and capital allowances.
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