UEM Sunrise, a Malaysian property developer, and GuocoLand, a Singapore-listed company, have recently signed a memorandum of understanding (MOU) to jointly develop UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor. This is the first MOU between private companies from Malaysia and Singapore for the Johor-Singapore Special Economic Zone (JS-SEZ). The signing of the MOU took place on Feb 27, along with the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the group’s vision for the development.
Iskandar Puteri is part of Flagship Zone B of the JS-SEZ and focuses on various sectors such as manufacturing, business services, education, health, and tourism. The MOU will 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 potential and attractiveness of Iskandar Puteri for investment and accelerate its growth within the JS-SEZ. It will focus on improving connectivity, developing talent, and creating a business-friendly ecosystem to drive sustainable economic benefits in Johor.
Hafizuddin Sulaiman, the CFO of UEM Sunrise, states that this partnership goes beyond development and aims to shape a thriving economic hub that will generate long-term growth, job opportunities, and strengthen the JS-SEZ ecosystem. The strategic location of the sites, close to Singapore, Senai Airport, and the Port of Tanjung Pelepas, makes them well-positioned for economic growth. Datuk Hisham Hamdan, the chairman of UEM Sunrise, shares that the JS-SEZ, developments in Iskandar Puteri, and strategic partnerships are all part of a larger vision to establish Johor as a progressive and forward-looking economy.
According to Cheng Hsing Yao, the CEO of GuocoLand, the company will bring its experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia, and China that wish to establish a presence in the JS-SEZ. Together with UEM Sunrise’s expertise, they aim to shape Iskandar Puteri and the wider JS-SEZ through innovative developments. UEM Sunrise has already played a crucial role in the urban development of Iskandar Puteri, with existing residential townships such as the Aspira series and Senadi Hill, and commercial and retail hubs, including an upcoming industrial park in Gerband Nusajaya.
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The growth potential in Iskandar Puteri is expected to be fueled by various incentives and support schemes introduced by both the Malaysian and Singaporean governments, such as special tax rates, stamp duty exemptions, and capital allowances. This will encourage more investments in the JS-SEZ, driving the development and growth of Iskandar Puteri.