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Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently signed a groundbreaking MOU for the first Johor-Singapore Special Economic Zone (JS-SEZ) between private companies of both nations. The historical event took place on February 27th, as revealed in a press release.
The MOU aims to develop selected freehold land owned by UEM Sunrise in Iskandar Puteri, Johor, to further enhance growth within the JS-SEZ. The signing ceremony was held in conjunction with the grand opening of the UEM Sunrise Gallery Iskandar Puteri, which showcases the company’s vision for the development of Iskandar Puteri.
Iskandar Puteri, which is known as Flagship Zone B of the JS-SEZ, is home to a variety of industries including manufacturing, business services, education, health, and tourism. With this collaboration, UEM Sunrise and GuocoLand are looking to tap into the potential of Iskandar Puteri and attract more investments. The MOU will cover UEM Sunrise’s land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri.
The joint efforts of the two companies are aimed at driving sustainable economic growth in Johor by improving connectivity, fostering talent development, and creating a business-friendly environment. According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this partnership is not just about development, but also about creating a thriving economic hub that will provide long-term benefits for Johor.
The selected sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making them prime locations for long-term economic growth. The collaboration also aims to establish Iskandar Puteri as a dynamic and attractive business and investment hub.
In the words of Datuk Hisham Hamdan, chairman of UEM Sunrise, the JS-SEZ, developments in Iskandar Puteri, and strategic partnerships are all part of a bigger vision to position Johor as a progressive and forward-thinking economy. The CEO of GuocoLand, Cheng Hsing Yao, adds that the company will bring its wealth of experience in real estate development and asset management to the table, along with an understanding of the needs of companies from Singapore, Malaysia, and China looking to invest in the JS-SEZ. This, combined with the expertise of UEM Sunrise, will pave the way for innovative developments in Iskandar Puteri and the wider JS-SEZ.
Prior to this collaboration, UEM Sunrise has played a crucial role in the urban development of Iskandar Puteri. The company’s existing developments in the area include residential townships such as the Aspira series and Senadi Hill. It has also developed commercial and retail hubs, and is currently working on a 380-acre industrial park in Gerband Nusajaya.
The growth of Iskandar Puteri is expected to be further boosted by the incentives and support schemes introduced by the governments of Malaysia and Singapore. These measures aim to attract more investments to the JS-SEZ and include special tax rates, stamp duty exemptions, and capital allowances.