Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have signed a memorandum of understanding (MOU) to jointly develop selected freehold land in Iskandar Puteri, Johor. This marks the first collaboration between private companies from Malaysia and Singapore within the Johor-Singapore Special Economic Zone (JS-SEZ), according to a press release issued on Feb 27.
The MOU was signed at the opening of UEM Sunrise Gallery Iskandar Puteri, which showcases the developer’s vision for Iskandar Puteri. Iskandar Puteri, which is part of Flagship Zone B of the JS-SEZ, is a top destination for various sectors such as manufacturing, business services, education, health, and tourism.
If you’re looking to invest in overseas properties, check out the projects available for sale around the world. The MOU covers UEM Sunrise’s land in Gerband Nusajaya and Puteri Harbour, two key areas within Iskandar Puteri. The collaboration aims to unlock the potential of Iskandar Puteri and make it more attractive for investment by improving connectivity, fostering talent development, and creating a business-friendly ecosystem.
According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this partnership is not just about development, but also about creating an end-to-end, future-ready economic hub that will drive long-term growth, create jobs, and strengthen the JS-SEZ ecosystem. The selected sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making them ideal for driving long-term economic growth and positioning Iskandar Puteri as a robust business and investment hub.
Datuk Hisham Hamdan, chairman of UEM Sunrise, stresses the importance of the JS-SEZ, developments in Iskandar Puteri, and strategic partnerships in positioning Johor as a dynamic and forward-thinking economy. GuocoLand CEO Cheng Hsing Yao adds that the Singapore-listed property group will bring along its expertise in real estate development and asset management, as well as its understanding of the needs of companies from Singapore, Malaysia, and China that want to establish a presence in the JS-SEZ. Together, both companies will shape Iskandar Puteri and the wider JS-SEZ through innovative developments.
UEM Sunrise has played a significant role in the urban development of Iskandar Puteri, having already launched several residential townships such as Aspira and Senadi Hill. The group has also developed commercial and retail hubs, with plans for a 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, including special tax rates, stamp duty exemptions, and capital allowances.