UEM Sunrise unit partners Mitsui to offer RM468 mil build-to-suit properties

TOKYO (July 29): Japanese conglomerate Mitsui & Co Ltd has entered into a joint-venture agreement yesterday with Nusajaya Tech Park Sdn Bhd (NTPSB) to jointly develop a Built-to-Suit (BTS) leasing properties project with an estimated development value of approximately $S167 million (RM468 million) in Nusajaya Tech Park, Iskandar Malaysia. NTPSB is a company jointly owned by Ascendas, a business space solutions provider, and Malaysian developer UEM Sunrise Bhd. 

"This collaboration also marked the first Japanese partnership for industrial parks in Iskandar Malaysia. Mitsui’s involvement offers an added dimension that will propel Gerbang Nusajaya into an industrial and business engine to become the regional transformation hub” said UEM Sunrise chief operating officer for commercial properties Raymond Cheah in a press statement.

Cheah added that a total land area of 10.7ha within the 210ha Nusajaya Tech Park, an integrated and eco-friendly tech estate, will be set aside for the BTS leasing properties. The project will take about four years to complete. 

Mitsui and NTPSB will hold equity stakes of 49% and 51% in the joint-venture company, respectively.

The joint venture will provide a one-stop solution to companies that prefer to operate in customised facilities on long-term leases, without the hassle and capital expenditure associated with the construction process. It will also oversees and finance the entire construction for customers – from design and construction to project management, as well as property management.

Mitsui general manager of Urban Development Division Reiji Fujita said Japanese companies are increasingly seeking investment and expansion opportunities in Southeast Asia as part of their globalisation strategies.

“Our collaboration with Ascendas and UEM Sunrise will cement our position as a preferred partner for Japanese companies seeking growth in this part of the world,” he said.

Ascendas president and group chief executive officer, who is also NTPSB chairman, Manohar Khiatani said by leveraging Mitsui’s strong network of clients and partners, it can elevate our marketing efforts for Nusajaya Tech Park, particularly to Japanese companies, and help these companies harness the potential of this fast-growing region.