UEM Sunrise, a Malaysian property developer, and Singapore-listed GuocoLand have recently signed a Memorandum of Understanding (MOU) for the first Johor-Singapore Special Economic Zone (JS-SEZ) between private companies from both countries. This partnership aims to jointly develop UEM Sunrise’s freehold land in Iskandar Puteri, Johor, in order to accelerate growth within the JS-SEZ.
The MOU signing event was held during the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the company’s vision for the development of Iskandar Puteri. Located in Flagship Zone B of the JS-SEZ, Iskandar Puteri specializes in various sectors, including manufacturing, business services, education, health, and tourism.
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Through this collaboration, UEM Sunrise and GuocoLand will focus on improving connectivity, fostering talent development, and creating a business-friendly ecosystem to attract more investments into Iskandar Puteri. The selected land plots in Gerband Nusajaya and Puteri Harbour will be the main focus of the partnership.
The partnership is not just about development, but also about creating a sustainable economic hub that will drive long-term growth, create jobs, and strengthen the JS-SEZ ecosystem. According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this is a strategic partnership that aims to shape a dynamic and future-ready economy in Johor.
UEM Sunrise has already played a key role in the urban development of Iskandar Puteri through previous projects such as the Aspira series and Senadi Hill residential townships, as well as commercial and retail hubs. In addition, the group is currently developing a 380-acre industrial park in Gerband Nusajaya.
Datuk Hisham Hamdan, chairman of UEM Sunrise, believes that this collaboration, along with developments in Iskandar Puteri and other strategic partnerships, will contribute to the larger vision of positioning Johor as a dynamic and forward-thinking economy.
Cheng Hsing Yao, CEO of GuocoLand, adds that the company will bring its expertise 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. The combined expertise of both companies will enable them to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.
The growth in Iskandar Puteri will be further driven by incentives and support schemes introduced by the Malaysian and Singaporean governments, such as special tax rates, stamp duty exemptions, and capital allowances, aimed at attracting more investments into the JS-SEZ.