Ascendas Land International Pte Ltd, a Singapore government-linked company, has set up a joint venture with Malaysia’s UEM Land Berhad to develop an integrated eco-friendly tech park in Nusajaya.
Nusajaya is one of the five flagship zones in Johor’s Iskandar Malaysia.
The integrated tech park will be located at Gerbang Nusajaya within the Nusajaya regional city.
Ascendas and UEM Land will hold 60 percent and 40 percent stakes in the joint venture respectively. The projected investment value is S$1.5 billion.
The 519-acre freehold tech park is the closest industrial site to Malaysia-Singapore Second Link checkpoint and directly accessible by a comprehensive network of main roads and highways to major international airports and seaports.
Ms Chong Siak Ching, president & CEO of Ascendas, said: “We are excited to be involved in one of the largest and most ambitious development projects in Southeast Asia. This joint venture extends our presence in Malaysia and offers an opportunity to share our experience in building environmentally-friendly integrated business space with vibrant work-live-play elements that Ascendas is renowned for.”
“UEM Land sees this joint venture as an important and timely milestone as it kickstarts the second wave of catalytic projects to be introduced and implemented post Nusajaya’s 2012 Tipping Point. We are excited to work with Ascendas on this project and are confident that this project will further cement Nusajaya’s position as a desired destination for strategic investment as well as for leisure and recreation,” said Wan Abdullah Wan Ibrahim, managing director/CEO of UEM Land.
The proposed development is expected to take place in three phases over nine years with the launch of Phase One targeted in the last quarter of 2013.
When fully completed, it is expected to host a business community of over 34,000 people.
Source : Channel NewsAsia – 23 Oct 2012