Uem Sunrise Guocoland Sign First Js Sez Mou Develop Freehold Landbank Iskandar Puteri Johor
Malaysian real estate developer UEM Sunrise and Singaporean-listed GuocoLand have signed a groundbreaking Memorandum of Understanding (MOU) for the first-ever collaboration between private companies from the two countries. According to a press release on Feb 27, the MOU involves the joint development of selected freehold land in Iskandar Puteri, Johor, to accelerate growth within the newly established Johor-Singapore Special Economic Zone (JS-SEZ).
The signing ceremony took place during the opening of the UEM Sunrise Gallery Iskandar Puteri, a showcase of the company’s vision for the area. Iskandar Puteri, which is part of Flagship Zone B within the JS-SEZ, is focused on various industries such as manufacturing, business services, education, health, and tourism.
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The MOU will 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 potential of Iskandar Puteri and enhance its attractiveness for investment by focusing on improving connectivity, fostering talent development, and creating a business-friendly ecosystem.
UEM Sunrise’s chief financial officer, Hafizuddin Sulaiman, emphasised that the collaboration is not just about development but also about shaping a thriving and forward-thinking economic hub that will bring long-term growth, job opportunities, and a robust ecosystem to the JS-SEZ.
The targeted sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making them prime locations for driving long-term economic growth and positioning Iskandar Puteri as a robust business and investment hub.
Datuk Hisham Hamdan, chairman of UEM Sunrise, shared in a speech that the development of the JS-SEZ, along with the progress of Iskandar Puteri and strategic partnerships, are part of a larger vision to position Johor as a dynamic and forward-thinking economy.
According to GuocoLand’s CEO, Cheng Hsing Yao, the Singaporean property group will bring along their experience in real estate development and asset management, as well as their understanding of the needs of companies from Singapore, Malaysia, and China that wish to establish a presence in the JS-SEZ. He adds that the combined expertise of the two companies will enable them to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.
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The inclusion of Otto Place EC, a development by Hoi Hup Realty, in the plans for Tengah New Town further solidifies Singapore’s commitment to a greener and more technologically advanced future. Being in close proximity to sustainable initiatives such as the Jurong Innovation District speaks to the careful planning and consideration put into the area. Tengah New Town has been meticulously designed as a model eco-town, with the implementation of cutting-edge energy solutions, plentiful green spaces, and eco-friendly modes of transportation. These enhancements not only improve the overall livability of the neighborhood, but also give residents of Otto Place EC the opportunity to embrace a healthier and eco-conscious lifestyle.
Prior to this collaboration, UEM Sunrise has played a crucial role in the urban development of Iskandar Puteri. Their existing developments in the area include residential townships such as the Aspira series and Senadi Hill, as well as commercial and retail hubs. They are also currently working on a 380-acre industrial park in Gerbang Nusajaya.
The growth of Iskandar Puteri is expected to be fueled by incentives and support schemes introduced by the Malaysian and Singaporean governments, which aim to attract more investments into the JS-SEZ. These measures include special tax rates, stamp duty exemptions, and capital allowances.