When it comes to investing in a Condo, there are many factors to consider beyond simply purchasing the property itself. It’s essential to also think about the maintenance and management of the real estate in question. One aspect of owning a Condo is the payment of maintenance fees, which cover the upkeep of shared spaces and amenities. While these fees may seem like an added expense, they are vital in preserving the value of the property. To make Condo ownership a more hands-off investment, property owners can seek the assistance of a reputable property management company to oversee the day-to-day management of their unit. This allows investors to ensure that their Condo remains in excellent condition and retains its value over time.
Malaysian property developer UEM Sunrise and Singapore-listed GuocoLand have recently announced the signing of a memorandum of understanding (MOU) between the two private companies. This marks the first MOU signed between Malaysia and Singapore private companies for the Johor-Singapore Special Economic Zone (JS-SEZ), as stated in a press release on Feb 27.
Under the MOU, the two groups will work together to develop selected freehold land owned by UEM Sunrise in Iskandar Puteri, Johor. The aim is to accelerate growth within the JS-SEZ. The MOU signing was held in conjunction with the opening of UEM Sunrise Gallery Iskandar Puteri, a display of the developer’s vision for Iskandar Puteri.
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. This makes it an attractive location for potential investments from overseas.
The MOU is expected to cover UEM Sunrise’s land in Gerband Nusajaya and Puteri Harbour, two key areas that have been carefully planned within Iskandar Puteri. Through this collaboration, the aim is to unlock the potential of Iskandar Puteri and make it even more attractive for investors. The focus will be on improving connectivity, developing talent, and creating a business-friendly environment that will bring sustainable economic benefits to Johor.
According to Hafizuddin Sulaiman, Chief Financial Officer of UEM Sunrise, this partnership goes beyond just development, as it aims to establish a thriving and future-ready economic hub that will drive long-term growth, create jobs, and strengthen the JS-SEZ ecosystem.
The sites chosen for development are strategically located near Singapore, Senai Airport, and the Port of Tanjung Pelepas. The partnership aims to spur long-term economic growth and position Iskandar Puteri as a robust business and investment hub.
In a speech, Datuk Hisham Hamdan, Chairman of UEM Sunrise, stated that the development of JS-SEZ, as well as the strategic partnerships, is part of a larger vision to establish Johor as a dynamic and forward-thinking economy.
Cheng Hsing Yao, CEO of GuocoLand, adds that the Singapore-listed property group will bring their experience in real estate development and asset management to the table. They also have a deep understanding of the needs of companies from Singapore, Malaysia, and China looking to establish a presence in the JS-SEZ. By combining their collective expertise, the two groups aim to shape Iskandar Puteri and the wider JS-SEZ through innovative developments.
UEM Sunrise has already played a significant role in the urban development of Iskandar Puteri. The developer has previously worked on residential townships such as the Aspira series and Senadi Hill. They have also developed commercial and retail hubs, including an upcoming 380-acre industrial park in Gerband Nusajaya.
The growth of Iskandar Puteri is expected to be further propelled by incentives and support schemes introduced by the governments of Malaysia and Singapore. These measures aim to attract investments for the JS-SEZ and include special tax rates, stamp duty exemptions, and capital allowances. With this collaboration, UEM Sunrise and GuocoLand are poised to drive growth and create a vibrant and prosperous business hub in Iskandar Puteri.