UEM Sunrise and GuocoLand, two renowned property developers from Malaysia and Singapore respectively, have recently signed the first ever Memorandum of Understanding (MOU) between private companies of the two countries for the Johor-Singapore Special Economic Zone (JS-SEZ). The MOU, which was announced on Feb 27, will see the two groups jointly develop UEM Sunrise’s freehold land in Iskandar Puteri, Johor, with the aim of accelerating growth within the JS-SEZ. The signing ceremony took place at the official opening of UEM Sunrise Gallery Iskandar Puteri, a display showcasing the group’s vision for Iskandar Puteri.
Iskandar Puteri, which is part of Flagship Zone B of the JS-SEZ, specializes in various industries such as manufacturing, business services, education, health, and tourism. This collaboration 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 aims to activate the potential of Iskandar Puteri and make it more attractive for investment, focusing on improving connectivity, nurturing talent, and creating a business-friendly environment to drive long-term sustainable economic benefits in Johor.
UEM Sunrise’s Chief Financial Officer, Hafizuddin Sulaiman, stated that this partnership is not just about development, but also about shaping a thriving economic hub for long-term growth, job creation, and strengthening the JS-SEZ ecosystem. The sites chosen for this collaboration are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, making them ideal for driving economic growth and positioning Iskandar Puteri as a robust business and investment hub.
According to Datuk Hisham Hamdan, Chairman of UEM Sunrise, this collaboration, along with developments in Iskandar Puteri and strategic partnerships, is part of a larger vision to position Johor as a dynamic and forward-thinking economy. GuocoLand’s CEO, Cheng Hsing Yao, also expressed his excitement about the partnership, saying that the Singapore-listed property group will bring their expertise in real estate development and asset management, as well as their understanding of the needs of companies from Singapore, Malaysia, and China, who wish to establish a presence in the JS-SEZ.
UEM Sunrise has been a key player in the urban development of Iskandar Puteri, with past projects including residential townships like the Aspira series and Senadi Hill, as well as commercial and retail hubs. They are currently working on an upcoming 380-acre industrial park in Gerband Nusajaya. The growth potential in Iskandar Puteri is expected to be boosted by the incentives and support schemes introduced by the governments of Malaysia and Singapore, which aim to attract more investments into the JS-SEZ. These measures include special tax rates, stamp duty exemptions, and capital allowances.
When it comes to investing in condos in Singapore, there is an important factor to consider: the government’s property cooling measures. In an effort to control speculative buying and maintain a steady real estate market, the Singaporean government has implemented various measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. Although these measures may affect the immediate profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a more secure environment for investors. With Condo investment in Singapore, it is essential to take these measures into account.
In conclusion, the partnership between UEM Sunrise and GuocoLand aims to drive the growth of Iskandar Puteri and the JS-SEZ through innovative developments and collaboration. With the support of both governments and the expertise of these two reputable property developers, Iskandar Puteri is well on its way to becoming a successful and vibrant economic hub in Southeast Asia.