Uem Sunrise Guocoland Sign First Js Sez Mou Develop Freehold Landbank Iskandar Puteri Johor
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Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have signed a memorandum of understanding (MOU), marking the first collaboration between Malaysia and Singapore private companies in the Johor-Singapore Special Economic Zone (JS-SEZ). According to a press release dated Feb 27, the MOU aims to jointly develop selected freehold land in Iskandar Puteri, Johor, to accelerate growth within the 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 area.Iskandar Puteri, Flagship Zone B of the JS-SEZ, is known for its specialization in various sectors including manufacturing, business services, education, health, and tourism. With the MOU, UEM Sunrise and GuocoLand will focus on developing 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 activate its potential and increase its attractiveness for investment, with a focus on improving connectivity, fostering talent development, and creating a business-friendly ecosystem.”This partnership is not just about development, but also about shaping a thriving end-to-end, future-ready economic hub that fuels long-term growth, creates jobs, and strengthens the JS-SEZ ecosystem,” says Hafizuddin Sulaiman, CFO of UEM Sunrise.One of the advantages of the sites chosen for development is their strategic location near Singapore, Senai Airport, and the Port of Tanjung Pelepas. The partnership envisions driving long-term economic growth and positioning Iskandar Puteri as a dynamic and robust business and investment hub.”The JS-SEZ, developments in Iskandar Puteri, and strategic partnerships are all part of a larger vision to position Johor as a dynamic and forward-thinking economy,” says Datuk Hisham Hamdan, chairman of UEM Sunrise, in a speech.According to GuocoLand CEO Cheng Hsing Yao, the Singapore-listed property group 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. “Together, our combined expertise will enable us to shape Iskandar Puteri and the wider JS-SEZ through innovative developments,” he adds.Prior to this collaboration, UEM Sunrise has played a key role in Iskandar Puteri’s urban development. The group has already developed residential townships such as the Aspira series and Senadi Hill, as well as commercial and retail hubs, including an upcoming 380-acre industrial park in Gerband Nusajaya. The growth in Iskandar Puteri is expected to be driven by incentives and support schemes introduced by the governments of Malaysia and Singapore, which aim to increase investments for the JS-SEZ. These measures include special tax rates, stamp duty exemptions, and capital allowances.