Ascendas and UEM Land to Jointly Develop an Integrated Tech Park In Nusajaya, Iskandar Malaysia23 Oct 2012
JOINT PRESS RELEASE
ASCENDAS AND UEM LAND TO JOINTLY DEVELOP
AN INTEGRATED TECH PARK IN
NUSAJAYA, ISKANDAR MALAYSIA
Singapore, 23 October 2012 – Asia’s leading business space solutions provider Ascendas Land International Pte Ltd (“Ascendas”) has entered into a joint venture agreement with UEM Land Berhad, a wholly-owned subsidiary of UEM Land Holdings Berhad (“UEM Land”) to develop an integrated eco-friendly tech park in Nusajaya, one of the five flagship zones in Johor’s Iskandar Malaysia. Ascendas and UEM Land will hold 60% and 40% stakes in the joint venture respectively.
Singapore’s Senior Minister of State, Mr Lee Yi Shyan, Ministry of Trade and Industry and Ministry of National Development, and Malaysia’s Dato’ Sri Mustapa Mohamed, the Minister of International Trade and Industry, graced the signing ceremony today.
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.”
With a projected investment value of S$1.5 billion (RM3.7 billion), the integrated tech park is located at Gerbang Nusajaya within the Nusajaya regional city in Iskandar Malaysia. 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.
”UEM Land sees this joint venture as an important and timely milestone as it kicks start 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 Dato’ Wan Abdullah Wan Ibrahim, Managing Director/Chief Executive Officer of UEM Land.
The fully-landscaped park will offer quality infrastructure to support a range of industries such as electronics, pharmaceutical & medical devices, food processing, precision engineering, fast moving consumer goods (FMCGs), logistics & warehousing and general engineering services as well as land plots for customized facilities. Supporting lifestyle and social amenities include training facilities and dormitories, F&B outlets, fitness and sports and retail facilities.
The proposed development is expected to take place in three phases over nine years with the launch of Phase 1 targeted in the last quarter of 2013. When fully completed, it is expected to host a business community of over 34,000 people.
The Nusajaya flagship zone is a key component of Iskandar Malaysia with 24,000 acres of development-ready land. It is expected to be the hub for identified sectors and industries such as Government, tourism and leisure, education, creative, healthcare and wellness, business and industry, commerce and finance as well as property and infrastructure, supporting a projected population size of 500,000 by 2025.
The proposed integrated eco-friendly tech park complements the existing Southern Industrial and Logistics Custers (“SiLC”), the 1,300-acre ‘green’ and ‘clean’ fully managed industrial park which houses Malaysia’s first dedicated biotechnology park known as Bio-XCell.