Malaysia’s leading property developer UEM Sunrise and Singapore’s GuocoLand have recently signed the first Memorandum of Understanding (MOU) between private companies from both countries for the Johor-Singapore Special Economic Zone (JS-SEZ). The MOU, announced on February 27, will see the two companies jointly develop UEM Sunrise’s selected freehold land in Iskandar Puteri, Johor, to accelerate growth in the JS-SEZ. The signing ceremony coincided with the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the company’s vision for Iskandar Puteri.
Iskandar Puteri, which falls under Flagship Zone B of the JS-SEZ, specializes in various sectors including manufacturing, business services, education, health, and tourism. With this MOU, UEM Sunrise and GuocoLand aim to enhance the attractiveness of Iskandar Puteri for investment by focusing on improving connectivity, fostering talent development, and creating a business-friendly ecosystem.
The MOU covers UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. These sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making it an ideal location for driving long-term economic growth and positioning Iskandar Puteri as a robust business and investment hub.
UEM Sunrise CFO Hafizuddin Sulaiman commented that this partnership is not only about development but also about shaping a thriving end-to-end economic hub that fuels long-term growth, creates jobs, and strengthens the JS-SEZ ecosystem. The company sees this collaboration as an opportunity to contribute to the larger vision of positioning Johor as a dynamic and forward-thinking economy.
GuocoLand CEO Cheng Hsing Yao added that the company will bring along 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. The partnership will enable the two companies to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.
UEM Sunrise has been playing a key role in the urban development of Iskandar Puteri with existing developments such as residential townships, commercial and retail hubs, and an upcoming industrial park in Gerband Nusajaya. The growth of 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.