Two major property developers, UEM Sunrise and GuocoLand, have come together to sign the first ever Johor-Singapore Special Economic Zone (JS-SEZ) memorandum of understanding (MOU) between private companies from Malaysia and Singapore. According to a press release on Feb 27, the MOU will see both companies jointly developing UEM Sunrise’s selected freehold land in Iskandar Puteri, Johor, with the aim of boosting growth within the JS-SEZ. The signing ceremony took place at the grand opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the developer’s vision for Iskandar Puteri.
Iskandar Puteri, which is categorized as Flagship Zone B of the JS-SEZ, is focused on various sectors including manufacturing, business services, education, health, and tourism. As such, it presents a lucrative investment opportunity for those looking to invest in overseas properties. The MOU is expected to cover UEM Sunrise’s plots of land in Gerband Nusajaya and Puteri Harbour, both of which are key master-planned areas within Iskandar Puteri.
The collaboration between UEM Sunrise and GuocoLand aims to unlock the full potential of Iskandar Puteri and make it more attractive for investors. It will focus on improving connectivity, developing talent, and creating a business-friendly ecosystem to drive sustainable economic benefits in Johor.
UEM Sunrise’s Chief Financial Officer, Hafizuddin Sulaiman, says that this partnership is not just about development, but also about shaping a thriving economic hub that will drive long-term growth, create jobs, and strengthen the JS-SEZ ecosystem. The two sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making them ideal locations for driving economic growth and positioning Iskandar Puteri as a robust business and investment hub.
Chairman of UEM Sunrise, Datuk Hisham Hamdan, believes that the JS-SEZ, developments in Iskandar Puteri, and strategic partnerships are all part of a bigger vision to position Johor as a dynamic and forward-thinking economy. GuocoLand CEO, Cheng Hsing Yao, adds that the Singapore-listed property group will bring along their experience in real estate development and asset management, as well as their understanding of the needs of companies from Singapore, Malaysia, and China looking to invest in the JS-SEZ. Together, they aim to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.
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UEM Sunrise has been a key player in the urban development of Iskandar Puteri, with existing projects including residential townships like the Aspira series and Senadi Hill. The group has also developed commercial and retail hubs, and is working on an upcoming 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, such as special tax rates, stamp duty exemptions, and capital allowances, which aim to attract more investments to the JS-SEZ.