Malaysian-listed property developer UEM Sunrise and Singapore-listed real estate group GuocoLand Limited have signed a memorandum of understanding (MOU) to establish a strategic partnership to jointly develop UEM Sunrise’s selected freehold landbank in Iskandar Puteri, Johor.
The signing, witnessed by Johor Chief Minister Onn Hafiz Ghazi, underscores both parties’ commitment to developing the Johor-Singapore Special Economic Zone (JS-SEZ), reinforcing Iskandar Puteri’s position as a key economic hub, according to a joint announcement.
Iskandar Puteri is Flagship Zone B of the JS-SEZ, with a focus on manufacturing, business services, digital economy, education, health and tourism.
As part of this collaboration, both developers will together “review and activate Iskandar Puteri’s potential and in turn enhance its investment attractiveness”. It will focus on improving connectivity, fostering talent development and creating a business-friendly ecosystem.
The MOU covers UEM Sunrise’s selected plots of land in Gerbang Nusajaya and Puteri Harbour, which are the two key master plans within Iskandar Puteri.
With both companies backed by larger conglomerates with expertise beyond real estate development, the partnership will unlock new opportunities and contribute to Johor’s economic aspirations, say the two firms.
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Hafizuddin Sulaiman, CFO of UEM Sunrise, says: “Both UEM Sunrise and GuocoLand bring extensive experience in large-scale integrated developments, making this collaboration a synergy of industry leaders. By leveraging our combined expertise and client networks, we aim 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.”
UEM Sunrise’s existing developments in the area include attainable and affordable residential townships such as the Aspira series and Senadi Hill, commercial and retail hubs, and the upcoming 380-acre industrial park in Gerbang Nusajaya.
Meanwhile, GuocoLand is a member of the Hong Leong Group in Malaysia. Cheng Hsing Yao, group CEO of GuocoLand, says: “GuocoLand will bring along our 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.”
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In addition to the existing investment incentives by Malaysian Investment Development Authority (MIDA), both parties say growth in the area is “further boosted” by recent incentives and support schemes introduced by the governments of Malaysia and Singapore 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, say the two firms.
The MOU signing was held in conjunction with the opening of UEM Sunrise Gallery Iskandar Puteri, a space dedicated to showcase UEM Sunrise’s vision of Iskandar Puteri for the future.
Complementing this vision is a new master plan for Gerbang Nusajaya, including an industrial park and the development of a new interchange.
Iskandar Puteri is located near Senai Airport and the Port of Tanjung Pelepas, one of Southeast Asia’s busiest ports, say UEM Sunrise and GuocoLand. “Its proximity to Singapore, just 7.5km 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.”
As at 2pm, shares in GuocoLand are trading 1 cent lower, or 0.69% down, at $1.45.
