Malaysia-based property developer UEM Sunrise and Singapore-listed GuocoLand have officially signed a landmark agreement on February 27th, representing the first-ever memorandum of understanding (MOU) between private companies in Malaysia and Singapore. Under this agreement, the two groups will work together to develop UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor, with the aim of boosting growth within the Johor-Singapore Special Economic Zone (JS-SEZ). The signing ceremony took place at the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the company’s vision for the development of Iskandar Puteri.
Iskandar Puteri, which falls under Flagship Zone B of the JS-SEZ, is a bustling hub for various industries such as manufacturing, business services, education, health, and tourism. For those interested in investing in properties overseas, there are a wide range of projects available for sale around the world.
This MOU encompasses UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two of the main master-planned areas within Iskandar Puteri. The collaboration aims to tap into Iskandar Puteri’s full potential and make it more attractive for investment by focusing on improving connectivity, developing talent, and creating a business-friendly environment that will drive long-term economic benefits for Johor.
According to Hafizuddin Sulaiman, the CFO of UEM Sunrise, this partnership is not just about development, but also about shaping a dynamic and future-ready economic hub that will promote sustainable 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, making it an ideal location for business and investment opportunities.
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Datuk Hisham Hamdan, chairman of UEM Sunrise, highlighted the larger vision behind this collaboration, stating that it is part of a strategic plan to establish Johor as a progressive and forward-thinking economy. In line with this vision, the partnership with GuocoLand, a reputable property group with experience in real estate development and asset management, will bring valuable insights and expertise in meeting the needs of companies from Singapore, Malaysia, and China looking to establish a presence in the JS-SEZ.
The CEO of GuocoLand, Cheng Hsing Yao, also expressed his confidence in the partnership, stating that their combined expertise will play a key role in shaping Iskandar Puteri and the wider JS-SEZ through innovative developments. Prior to this collaboration, UEM Sunrise has already made significant contributions to urban development in Iskandar Puteri through various residential townships and commercial hubs such as the Aspira series and Senadi Hill. Additionally, the company is currently working on a 380-acre industrial park in Gerband Nusajaya.
The growth of Iskandar Puteri will be further driven by incentives and support schemes introduced by the Malaysian and Singaporean governments, aimed at attracting more investments to the JS-SEZ. These measures include special tax rates, stamp duty exemptions, and capital allowances. The MOU between UEM Sunrise and GuocoLand marks a significant milestone in the development of Iskandar Puteri and sets the stage for future collaborations that will elevate the economic potential of the region.