Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently inked an MOU to jointly develop UEM Sunrise’s freehold landbank in Iskandar Puteri, Johor. The MOU signing, which took place on Feb 27, marks a significant milestone as the first Johor-Singapore Special Economic Zone (JS-SEZ) MOU between private companies from Malaysia and Singapore.
In the agreement, the two groups will work together to drive growth within the JS-SEZ by developing UEM Sunrise’s selected plots of land in Iskandar Puteri. This collaboration was announced during the launch of UEM Sunrise Gallery Iskandar Puteri, a showcase of UEM Sunrise’s vision for the area.
Iskandar Puteri, which is part of Flagship Zone B of the JS-SEZ, is known for its diverse sectors including manufacturing, business services, education, health, and tourism. The MOU is expected to cover UEM Sunrise’s land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri.
The goal of this partnership is to activate Iskandar Puteri’s potential and make it more attractive for investment. The focus will be on improving connectivity, fostering talent development, and creating a business-friendly environment to drive sustainable economic benefits in Johor.
According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this collaboration is about more than just development; it is also about creating a thriving economic hub that will bring long-term growth, job creation, and strengthen the JS-SEZ ecosystem.
The sites involved in the MOU are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas. This partnership aims to drive long-term economic growth and position Iskandar Puteri as a robust business and investment hub.
Datuk Hisham Hamdan, chairman of UEM Sunrise, believes that the JS-SEZ, along with developments in Iskandar Puteri and strategic partnerships, will help establish Johor as a forward-thinking and dynamic economy.
GuocoLand CEO Cheng Hsing Yao adds that the Singapore-listed property group will bring their expertise in real estate development and asset management, as well as their understanding of the needs of companies from Singapore, Malaysia, and China, to establish a presence in the JS-SEZ. This, combined with UEM Sunrise’s expertise, will enable them to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.
UEM Sunrise has already played a significant role in Iskandar Puteri’s urban development, with existing developments such as the Aspira series and Senadi Hill residential townships, as well as commercial and retail hubs. They are also working on a 380-acre industrial park in Gerband Nusajaya.
The growth in Iskandar Puteri will be fueled by incentives and support schemes introduced by the governments of Malaysia and Singapore, which aim to attract investments in the JS-SEZ. These include special tax rates, stamp duty exemptions, and capital allowances.