Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently signed an MOU to jointly develop UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor. This marks the first Johor-Singapore Special Economic Zone (JS-SEZ) collaboration between private companies from the two countries.
The signing of the MOU, which took place on Feb 27, coincided with the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the group’s vision for the area. Iskandar Puteri, also known as Flagship Zone B of the JS-SEZ, is a hub for various industries such as manufacturing, business services, education, health, and tourism.
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The MOU covers 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 area’s attractiveness for investment by improving connectivity, fostering talent development, and creating a business-friendly ecosystem.
According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this partnership is not just about development, but also about shaping a thriving economic hub that will bring long-term growth, job creation, and strengthen the JS-SEZ ecosystem. The selected sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, providing easy access to both countries.
Datuk Hisham Hamdan, chairman of UEM Sunrise, believes that this collaboration will help to position Iskandar Puteri as a dynamic and forward-thinking economy. Meanwhile, GuocoLand CEO Cheng Hsing Yao says that the company’s experience in real estate development and asset management, as well as its understanding of the needs of companies from Singapore, Malaysia, and China, will contribute to the success of this partnership.
Prior to this collaboration, UEM Sunrise has played a crucial role in the urban development of Iskandar Puteri. The group has developed residential townships, commercial and retail hubs, and an upcoming 380-acre industrial park in Gerband Nusajaya. With the incentives and support schemes introduced by the Malaysian and Singaporean governments to attract investments to the JS-SEZ, the growth of Iskandar Puteri is expected to accelerate. These measures include special tax rates, stamp duty exemptions, and capital allowances.