On February 27, Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand signed a major memorandum of understanding (MOU) between private companies of the two nations. This marks the first Johor-Singapore Special Economic Zone (JS-SEZ) MOU, aimed at joint development of UEM Sunrise’s freehold landbank in Iskandar Puteri, Johor in order to accelerate growth within the region.
The signing of the MOU was held in conjunction with the opening of UEM Sunrise Gallery Iskandar Puteri, a showcase of the group’s vision for the area. Iskandar Puteri, which is part of Flagship Zone B of the JS-SEZ, specializes in various sectors including manufacturing, business services, education, health, and tourism.
The MOU will cover UEM Sunrise’s selected plots of land in Gerband Nusajaya and Puteri Harbour, two key master-planned areas within Iskandar Puteri, with the aim of activating the region’s potential and making it more attractive for investment. The collaboration will focus on improving connectivity, fostering talent development, and creating a business-friendly ecosystem, all of which are key drivers for sustainable economic benefits in Johor.
According to Hafizuddin Sulaiman, CFO of UEM Sunrise, “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.”
The sites are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas, and the partnership aims to drive long-term economic growth and establish Iskandar Puteri as a robust business and investment hub.
In a speech, Datuk Hisham Hamdan, chairman of UEM Sunrise, highlighted the larger vision to position Johor as a dynamic and forward-thinking economy through the JS-SEZ, developments in Iskandar Puteri, and strategic partnerships.
According to GuocoLand CEO Cheng Hsing Yao, the Singapore-listed property group will bring their experience in real estate development and asset management, as well as an understanding of the needs of companies from Singapore, Malaysia, and China, to establish a presence in the JS-SEZ. He adds, “Together, our combined expertise will enable us to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.”
When considering investing in a condo in Singapore, it is important to take into account the government’s property cooling measures. The Singaporean government has implemented several measures in recent years to prevent speculative buying and maintain a stable real estate market. One example is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreigners and individuals purchasing multiple properties. While 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 condo investments.
Prior to this collaboration, UEM Sunrise has played a key role in the urban development of Iskandar Puteri. Among their existing developments are residential townships such as the Aspira series and Senadi Hill, as well as commercial and retail hubs. They also have plans for an upcoming 380-acre industrial park in Gerband Nusajaya.
The growth in Iskandar Puteri is expected to be fueled by incentives and support schemes introduced by the governments of Malaysia and Singapore, including special tax rates, stamp duty exemptions, and capital allowances, all aimed at attracting more investments for the JS-SEZ.