GUOCOLAND will partner Malaysia’s UEM Sunrise to develop selected freehold land parcels in Iskandar Puteri, within the Johor-Singapore Special Economic Zone (JS-SEZ).
This is under a memorandum of understanding (MOU) signed by the two property developers on Thursday (Feb 27), marking the first JS-SEZ MOU between Singaporean and Malaysian private-sector companies.
The aim of the partnership is to enhance infrastructure, nurture talent and create a business-friendly ecosystem to attract high-value investments to the region, said GuocoLand and UEM Sunrise in a media statement.
It also underscores their commitment to “forging strategic partnerships to catalyse development” in the JS-SEZ, and reinforcing Iskandar Puteri’s position as a key economic hub, they said.
Iskandar Puteri is one of nine flagship zones in the JS-SEZ, which aims to strengthen the value proposition of Johor and Singapore in competing for global investments. The planned business and media district focuses on manufacturing, business services, digital economy, education, health and tourism.
Under the partnership, GuocoLand and UEM Sunrise will review and “activate Iskandar Puteri’s potential”, enhancing the district’s investment attractiveness in turn.
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“It will focus on improving connectivity, fostering talent development and creating a business-friendly ecosystem, acting as a driving force for sustainable economic benefits in the state of Johor and Malaysia,” they said.
The selected sites, which are part of UEM Sunrise’s existing land bank, are located in Gerbang Nusajaya and Puteri Harbour – two key master plans within Iskandar Puteri, they added.
Hafizuddin Sulaiman, UEM Sunrise’s officer in charge and chief financial officer, noted that both developers have extensive experience in large-scale integrated development, making their collaboration “a synergy of industry leaders”.
For instance, UEM Sunrise has “strong local expertise” in master planning, with several choice sites in its land bank, said Cheng Hsing Yao, group chief executive officer of GuocoLand.
Meanwhile, the Singapore property developer brings to the partnership its expertise in real estate development and asset management, he added. He also cited GuocoLand’s understanding of the needs companies – especially those from Singapore, Malaysia and China – have in establishing a presence in the JS-SEZ.
“By leveraging our combined expertise and client networks, we aim to deliver a transformative vision for Iskandar Puteri,” said Hafizuddin.
GuocoLand and UEM Sunrise noted that on top of existing incentives from the Malaysian Investment Development Authority, there are support schemes and other programmes spurring investments for the JS-SEZ, including those targeted at Iskandar Puteri. These include special tax rates, stamp duty exemptions and capital allowances.
