Malaysian real estate firm UEM Sunrise and Singapore-listed property company GuocoLand have recently entered into a Memorandum of Understanding (MOU), marking the first partnership between private companies in Malaysia and Singapore for the Johor-Singapore Special Economic Zone (JS-SEZ). The MOU signing took place on Feb 27 and aims to develop UEM Sunrise’s selected freehold land in Iskandar Puteri, Johor to accelerate growth within the JS-SEZ. The signing ceremony coincided with the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the developer’s vision for Iskandar Puteri.
As a flagship zone in the JS-SEZ, Iskandar Puteri specializes in various industries such as manufacturing, business services, education, health, and tourism. With the MOU in place, UEM Sunrise and GuocoLand will focus on the development of UEM Sunrise’s selected land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The collaboration aims to unlock the potential of Iskandar Puteri and make it more attractive for investments by improving connectivity, talent development, and creating a business-friendly ecosystem.
UEM Sunrise’s Chief Financial Officer, Hafizuddin Sulaiman, says that the partnership is not just about development, but also about shaping a thriving and sustainable economic hub that will create jobs and strengthen the JS-SEZ ecosystem. The sites in Gerband Nusajaya and Puteri Harbour are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making it an ideal location for long-term economic growth.
Datuk Hisham Hamdan, Chairman of UEM Sunrise, believes that the JS-SEZ, developments in Iskandar Puteri, and strategic partnerships all contribute to a greater vision of positioning Johor as a dynamic and forward-thinking economy. GuocoLand’s CEO, Cheng Hsing Yao, adds that the partnership will bring together their experience in real estate development and asset management, as well as their understanding of the needs of companies from Singapore, Malaysia, and China that wish to establish a presence in the JS-SEZ. Together, they will shape Iskandar Puteri and the wider JS-SEZ with innovative developments.
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UEM Sunrise has played a crucial role in the urban development of Iskandar Puteri through its existing residential townships like the Aspira series and Senadi Hill, as well as commercial and retail hubs. They are also developing a 380-acre industrial park in Gerband Nusajaya. With support from the governments of Malaysia and Singapore, the growth in Iskandar Puteri is expected to be driven by incentives and schemes such as special tax rates, stamp duty exemptions, and capital allowances, aimed at increasing investments in the JS-SEZ.