KUALA LUMPUR: UEM Sunrise Bhd has partnered with Singapore's real estate group GuocoLand Ltd to jointly develop the former's selected freehold land bank in Iskandar Puteri, Johor.
The memorandum of understanding (MoU) reflects their commitment to forging strategic partnerships to catalyse development in the Johor-Singapore Special Economic Zone (JS-SEZ), reinforcing Iskandar Puteri's position as a key economic hub.
Iskandar Puteri is Flagship Zone B of the JS-SEZ, with a focus on manufacturing, business services, digital economy, education, health and tourism.
Both property developers will review and activate the city's potential and enhance its investment attractiveness.
UEM Sunrise officer in charge and chief financial officer Hafizuddin Sulaiman said the combined expertise and client networks will be leveraged to deliver a transformative vision for Iskandar Puteri.
"This partnership is not just about development but also about shaping a thriving end-to-end, future-ready economic hub that fuels long-term growth, creates jobs and strengthens the JS-SEZ ecosystem," he said in a statement.
GuocoLand group chief executive officer Cheng Hsing Yao said that the company will bring its experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia and China that wish to establish a presence in the JS-SEZ.
"Our expertise will enable us to shape Iskandar Puteri and the wider JS-SEZ through innovative developments," he said.
Besides the existing investment incentives by the Malaysian Investment Development Authority (MIDA), the growth is further boosted by incentives and support schemes introduced by the governments of Malaysia and Singapore recently to spur investments for the JS-SEZ, including for investors targeting Iskandar Puteri.
These measures, such as special tax rates, stamp duty exemptions and capital allowances, further enhance the region's attractiveness to global investors.
Iskandar Puteri is strategically located near Senai Airport and the Port of Tanjung Pelepas, one of Southeast Asia's busiest ports.
Its proximity to Singapore, just 7.5 km away from the Tuas checkpoint, further strengthens JS-SEZ as a trade and logistics hub, making it an ideal gateway for regional and international investments.
