Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently signed the first Joint-Special Economic Zone (JS-SEZ) MOU between private companies from Malaysia and Singapore. This was officially announced in a press release on Feb 27.
The MOU marks the beginning of a strategic partnership between the two groups to jointly develop UEM Sunrise’s selected freehold land parcels located in Iskandar Puteri, Johor. The goal of this collaboration is to accelerate growth within the JS-SEZ. The MOU signing took place during the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the company’s vision for Iskandar Puteri.
Iskandar Puteri is a Flagship Zone within the JS-SEZ that specializes in various sectors, including manufacturing, business services, education, health, and tourism. The signing of the MOU is expected to cover UEM Sunrise’s selected plots of land in Gerbang Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri.
The partnership aims to unlock the full potential of Iskandar Puteri and make it more attractive for investment. It will focus on improving connectivity, promoting talent development, and creating a business-friendly ecosystem, which will consequently lead to sustainable economic benefits in Johor.
According to Hafizuddin Sulaiman, the CFO of UEM Sunrise, the partnership is not just about real estate development but also about shaping a vibrant and future-ready economic hub. This will drive long-term growth, create employment opportunities, and strengthen the JS-SEZ ecosystem.
The selected sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas. Through their partnership, the two companies aim to drive long-term economic growth and establish Iskandar Puteri as a robust business and investment hub.
Datuk Hisham Hamdan, chairman of UEM Sunrise, believes that the JS-SEZ, developments in Iskandar Puteri, and strategic collaborations are all part of a bigger plan to position Johor as a dynamic and forward-thinking economy.
Cheng Hsing Yao, CEO of GuocoLand, also shared that their experience in real estate development and asset management, coupled with an understanding of the needs of companies from Singapore, Malaysia, and China, will be instrumental in shaping Iskandar Puteri and the wider JS-SEZ through innovative developments.
Prior to this collaboration, UEM Sunrise has been actively involved in the urban development of Iskandar Puteri. The company has 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 Gerbang Nusajaya.
The growth in Iskandar Puteri is expected to be further fueled by the incentives and support schemes provided by the governments of Malaysia and Singapore, such as special tax rates, stamp duty exemptions, and capital allowances, which aim to attract more investments for the JS-SEZ.