Malaysian real estate developer UEM Sunrise and Singapore-listed GuocoLand have recently signed a historic Memorandum of Understanding (MOU) between private companies from Malaysia and Singapore, as announced in a press release on February 27. The signing of this MOU marks the first partnership between the two countries to develop projects within the Johor-Singapore Special Economic Zone (JS-SEZ).
According to the MOU, both companies will collaborate on the development of freehold land in Iskandar Puteri, Johor, with the aim of accelerating economic growth within the JS-SEZ. This significant event was celebrated alongside the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the company’s vision for Iskandar Puteri.
Iskandar Puteri, which forms Flagship Zone B of the JS-SEZ, specializes in various sectors, including manufacturing, business services, education, health, and tourism. This collaboration between UEM Sunrise and GuocoLand aims to activate the potential of Iskandar Puteri and enhance its attractiveness for investment. It will focus on improving connectivity, fostering talent development, and creating a business-friendly environment to drive sustainable economic growth in Johor.
“This partnership is not only about development but also about shaping a thriving, future-ready economic hub that will create long-term growth, job opportunities, and strengthen the JS-SEZ ecosystem,” says Hafizuddin Sulaiman, CFO of UEM Sunrise.
The MOU is expected to cover UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri. The partnership intends to take advantage of the strategic location of these sites, near Singapore, Senai Airport, and the Port of Tanjung Pelepas, to drive long-term economic growth and establish Iskandar Puteri as a robust business and investment hub.
Datuk Hisham Hamdan, chairman of UEM Sunrise, stated in his speech, “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.” Meanwhile, according to GuocoLand CEO Cheng Hsing Yao, the Singapore-listed property group 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.
“Together, our combined expertise will enable us to shape Iskandar Puteri and the wider JS-SEZ through innovative developments,” he adds.
UEM Sunrise has already played a significant role in the urban development of Iskandar Puteri, with existing projects including residential townships such as the Aspira series and Senadi Hill. The company has 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 further boosted by incentives and support schemes introduced by the Malaysian and Singaporean governments, which aim to attract more investments to the JS-SEZ. These measures include special tax rates, stamp duty exemptions, and capital allowances.