UEM Sunrise partners Singapore-listed GuocoLand to develop properties in Iskandar Puteri

• The MOU covers UEM Sunrise’s select plots of land in Gerbang Nusajaya and Puteri Harbour within Iskandar Puteri, they said.

KUALA LUMPUR (Feb 27): UEM Sunrise Bhd (KL:UEMS) said on Thursday it will jointly develop some of its land in Iskandar Puteri, Johor, with Singapore-listed GuocoLand Ltd.

A memorandum of understanding (MOU) was signed to establish a partnership for the joint development, the companies said in a joint statement. The MOU covers UEM Sunrise’s select plots of land in Gerbang Nusajaya and Puteri Harbour within Iskandar Puteri, they said.

There was no information on the land, estimated gross development value, or other details in the statement.

The land would be developed into industrial, residential and wellness-related properties, UEM Sunrise officer in charge and chief financial officer Hafizuddin Sulaiman said after the MOU signing ceremony on Thursday.

The partnership will also entail redevelopment projects in Puteri Harbour, he noted.

UEM Sunrise chairman Datuk Hisham Hamdan said at the same event that the partnership will also jointly commission a feasibility study on a ferry service between Iskandar Puteri and Singapore.

"Today marks a milestone, the first Malaysia-Singapore private-sector MOU under the Johor-Singapore Special Economic Zone (JS-SEZ),” he said.

For GuocoLand, controlled by Malaysian banking-to-property tycoon Tan Sri Quek Leng Chan, the partnership with UEM Sunrise will allow the Singapore-listed firm “to shape Iskandar Puteri and the wider JS-SEZ”.

“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,” GuocoLand chief executive officer Cheng Hsing Yao said.

GuocoLand has property developments and investments in China and Malaysia, with Guoco Tower and Guoco Midtown in Singapore as its flagship projects.

At the time of writing on Thursday, UEM Sunrise was up half a sen or 0.55% at 92 sen, giving it a market capitalisation of RM4.63 billion.

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