Uem Sunrise Guocoland Sign First Js Sez Mou Develop Freehold Landbank Iskandar Puteri Johor

Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have joined forces to accelerate growth within the Johor-Singapore Special Economic Zone (JS-SEZ). According to a press release issued on Feb 27, this marks the first MOU between private companies from Malaysia and Singapore.

Under the agreement, the two groups will work together to develop UEM Sunrise’s freehold landbank in Iskandar Puteri, Johor. The MOU signing took place at the opening of UEM Sunrise Gallery Iskandar Puteri, where the company showcased its 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. This collaboration aims to unlock the potential of Iskandar Puteri and make it even more attractive for investment. It will focus on improving connectivity, fostering talent development, and creating a business-friendly ecosystem to drive sustainable economic growth in Johor.

According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this partnership goes beyond just development. It is about creating a thriving economic hub that will bring long-term benefits to the region, including job creation and a strong ecosystem within the JS-SEZ.

The selected plots of land covered under the MOU are located in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The partnership intends 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 partnerships are all part of a larger vision to position Johor as a dynamic and forward-thinking economy.

GuocoLand CEO Cheng Hsing Yao adds that the Singapore-listed property group brings its experience in real estate development and asset management to the table. Together with UEM Sunrise, they aim to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.

UEM Sunrise has already played a significant role in the urban development of Iskandar Puteri with existing residential townships such as the Aspira series and Senadi Hill. The company has also developed commercial and retail hubs, including an upcoming 380-acre industrial park in Gerband Nusajaya.

The growth of Iskandar Puteri is expected to be driven by incentives and support schemes introduced by the governments of Malaysia and Singapore. These measures include special tax rates, stamp duty exemptions, and capital allowances to attract more investments to the JS-SEZ.