In a recent announcement on February 27, Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have signed the first MOU between private companies from both countries, marking a significant move towards the development of the Johor-Singapore Special Economic Zone (JS-SEZ).
The MOU signifies a joint effort to develop UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor, with the aim of accelerating growth within the JS-SEZ. The signing ceremony took place during the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the group’s vision for the area.
Iskandar Puteri, which forms Flagship Zone B of the JS-SEZ, specializes in various sectors such as manufacturing, business services, education, health, and tourism. This partnership aims to activate the area’s potential and make it more attractive for investment by focusing on improving connectivity, fostering talent development, and creating a business-friendly ecosystem.
According to Hafizuddin Sulaiman, CFO of UEM Sunrise, the partnership goes beyond development and is also about shaping a thriving economic hub that will drive long-term growth, create jobs, and strengthen the JS-SEZ ecosystem.
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The MOU is expected to cover UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The collaboration will drive long-term economic growth and position the area as a robust business and investment hub, with its close proximity to Singapore, Senai Airport, and the Port of Tanjung Pelepas.
In his speech, Datuk Hisham Hamdan, chairman of UEM Sunrise, emphasized the larger vision of positioning Johor as a dynamic and forward-thinking economy through the development of JS-SEZ and strategic partnerships. GuocoLand CEO Cheng Hsing Yao also shared his thoughts, stating that the collaboration will bring along their 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.
UEM Sunrise has been playing a key role in the urban development of Iskandar Puteri, with existing residential townships and commercial and retail hubs under its belt. The upcoming 380-acre industrial park in Gerband Nusajaya is also a testament to the group’s commitment to the area’s growth.
The governments of Malaysia and Singapore have introduced incentives and support schemes to encourage investments in the JS-SEZ, such as special tax rates, stamp duty exemptions, and capital allowances. This, coupled with the joint efforts of UEM Sunrise and GuocoLand, is expected to drive further economic growth in Iskandar Puteri and the wider JS-SEZ.