UEM Sunrise, GuocoLand sign first JS-SEZ MOU to develop freehold landbank in Iskandar Puteri, Johor
Malaysian real estate developer UEM Sunrise and Singapore-listed GuocoLand have actually signed the first Johor-Singapore Special Economic Zone (JS-SEZ) MOU between Malaysia and Singapore private firms, according to a Feb 27 release.
” The JS-SEZ, developments in Iskandar Puteri, and strategic collaborations are all part of a bigger vision to place Johor as a vibrant and forward-thinking economy,” says Datuk Hisham Hamdan, chairman of UEM Sunrise, in a keynote.
The MOU is expected to cover UEM Sunrise’s picked plots of land in Gerband Nusajaya and Puteri Harbour, two major master-planned locations inside Iskandar Puteri.
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The partnership aspires to turn on Iskandar Puteri’s potential and improve its attractiveness for investment. It will concentrate on enhancing connectivity, fostering ability advancement and creating a business-friendly ecosystem as drivers for sustainable economic benefits in Johor.
” This collaboration is not just about development, but also concerning forming a flourishing end-to-end, future-ready economic center that fuels continued growth, creates projects and reinforces the JS-SEZ ecosystem,” states Hafizuddin Sulaiman, CFO of UEM Sunrise.
According to GuocoLand CEO Cheng Hsing Yao, the Singapore-listed real estate group “will deliver around our experience in realty development and asset management, along with an understanding of the needs of firms from Singapore, Malaysia and China that desire to establish a presence in the JS-SEZ”.
The growth in Iskandar Puteri is anticipated to be steered by motivations and support systems offered by the administrations of Malaysia and Singapore, that intend to enhance investments for the JS-SEZ. These actions include special tax prices, stamp duty exceptions and resources allotments.
Before the cooperation, UEM Sunrise has played an essential role in Iskandar Puteri’s metropolitan growth. Existing developments under the group consist of property areas such as the Aspira collection and Senadi Hill.
The team has actually even developed business and retail hubs, including an upcoming 380-acre industrial park in Gerband Nusajaya.
Iskandar Puteri, that develops Flagship Zone B of the JS-SEZ, specialises in different fields, including manufacturing, business services, education, health and travel and leisure.
The locations rise near Singapore, Senai Airport and the Port of Tanjung Pelepas, and the collaboration intends to drive extended economic progress and position Iskandar Puteri as a robust business and financial investment centre.
Under the MOU, the groups will collectively create UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor, to speed up development within the JS-SEZ. The MOU signing was held in conjunction with the opening of UEM Sunrise Gallery Iskandar Puteri, a feature of the group’s vision of Iskandar Puteri.
He adds: “Together, our mixed knowledge will enable us to form Iskandar Puteri and the broader JS-SEZ via cutting-edge developments.”
