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Malaysian property developer, UEM Sunrise, and Singapore-listed GuocoLand have recently signed the first Johor-Singapore Special Economic Zone (JS-SEZ) Memorandum of Understanding (MOU) between private companies in Malaysia and Singapore. This is a significant move that will accelerate growth within the JS-SEZ, according to a press release on February 27.
The MOU outlines plans for joint development of UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor, in order to boost the economic potential of the region. The signing of the MOU also coincided with the grand opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the company’s vision for the area.
Iskandar Puteri, which forms Flagship Zone B of the JS-SEZ, is known for its diverse sectors including manufacturing, business services, education, health, and tourism. This makes it an attractive location for investments in overseas properties. 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.
Through this collaboration, the two companies aim to further develop Iskandar Puteri’s potential and make it a more appealing destination for investments. This will involve efforts to improve connectivity, foster talent development, and create a business-friendly environment that will drive sustainable economic growth in Johor.
According to Hafizuddin Sulaiman, the CFO of UEM Sunrise, this partnership is not just about development, but also about shaping a thriving economic hub that will provide long-term benefits for the region in terms of job creation and economic growth. The sites selected for development are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making them ideal for driving long-term economic growth.
Datuk Hisham Hamdan, the chairman of UEM Sunrise, expressed his belief that the collaboration with GuocoLand will contribute to the larger vision of positioning Johor as a dynamic and forward-thinking economy. This will also benefit the JS-SEZ and Iskandar Puteri through innovative developments that will be made possible by combining the expertise of the two companies.
GuocoLand CEO Cheng Hsing Yao adds that their experience in real estate development and asset management, as well as their understanding of the needs of companies from Singapore, Malaysia, and China, will be valuable in shaping Iskandar Puteri and the wider JS-SEZ. Prior to this collaboration, UEM Sunrise has already played a significant role in the urban development of Iskandar Puteri through various projects such as residential townships and commercial and retail hubs.
The incentives and support schemes introduced by the governments of Malaysia and Singapore, such as special tax rates, stamp duty exemptions, and capital allowances, are expected to drive the growth in Iskandar Puteri. These measures aim to attract more investments for the JS-SEZ and contribute to the region’s economic development.