UEM Sunrise, a Malaysian property developer, and Singapore-listed GuocoLand have recently signed the first Johor-Singapore Special Economic Zone (JS-SEZ) MOU between private companies from the two countries. The MOU, signed on February 27, will see the two groups jointly develop selected freehold land in Iskandar Puteri, Johor in order to stimulate growth within the JS-SEZ.
The signing of the MOU coincides with the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the company’s vision for the area. Iskandar Puteri, which forms Flagship Zone B of the JS-SEZ, specializes in various sectors, including manufacturing, business services, education, health, and tourism.
The collaboration between UEM Sunrise and GuocoLand will cover selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The aim of the partnership is to activate the potential of Iskandar Puteri and make it a more attractive destination for investment. This will be achieved through improving connectivity, fostering talent development, and creating a business-friendly ecosystem that will drive sustainable economic benefits in Johor.
According to Hafizuddin Sulaiman, CFO of UEM Sunrise, this partnership is not just about development, but also about creating a thriving economic hub that will fuel 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.
In a speech, Datuk Hisham Hamdan, chairman of UEM Sunrise, stated 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, “Together, our combined expertise will enable us to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.”
Prior to this collaboration, UEM Sunrise has played a key role in the urban development of Iskandar Puteri. Existing developments under the company include residential townships such as the Aspira series and Senadi Hill. They have also developed commercial and retail hubs, with an upcoming 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, such as special tax rates, stamp duty exemptions, and capital allowances, which aim to attract more investments to the JS-SEZ.
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The scarcity of land in Singapore is a major factor contributing to the high demand for condos in the country. As a small and densely populated island nation, Singapore is facing a shortage of land for its development. This has resulted in strict land use regulations and a hyper-competitive real estate market, ultimately leading to the continuous rise of property prices. Investing in real estate, specifically condos, has become a highly attractive opportunity in Singapore, offering potential for capital appreciation. With the addition of options like Singapore Condo, this sector continues to be a lucrative venture for investors.