UEM World ties up with port and airport
www.biz.thestar.com.my
KUALA LUMPUR: Foreign participation is vital to the development of Nusajaya in South Johor and UEM Land Sdn Bhd, in its bid to get foreign direct investments, has teamed up with two parties to jointly market the development globally.
Yesterday, the unit of UEM World Bhd inked a memorandum of understanding with Pelabuhan Tanjung Pelepas Sdn Bhd (PTP) and Senai Airport Terminal Services Sdn Bhd (SATS) to jointly market and promote PTP, SATS and Nusajaya.
Several roadshows had been planned for this year, beginning with trips within the region, UEM Land managing director Wan Abdullah Wan Ibrahim said.
“On our trips we can get more mileage if we go hand in hand with PTP and SATS as we want to market and sell capacity to the world,” he said after the signing ceremony yesterday.
PTP chief executive officer Harun Johari said the collaboration would open up other windows of opportunities whereby UEM and PTP could be introduced to each other’s potential customers.
He said PTP had received several enquires. But since it would take time for relocation, he did not identify the interested parties.
The three companies are also exploring ways to develop workers' accommodation in Nusajaya, as this could potentially increase the attractiveness of the trade zones in the area.
Abdullah could not say if the roadshow would bring tangible results but remains hopeful.
He said such a move would create global awareness of the mammoth development taking shape in South Johor.
The 23,875-acre Nusajaya – which is one-sixth the size of Singapore – would have seven signature developments. They are the Johor State New Administrative Centre, Puteri Harbour (Waterfront precinct), Educity (an education city with several universities housed there), and Medical Park, an international destination resort that would have two theme parks, and residential and commercial developments.
Abdullah did not disclose the total development cost but said: “There are so many permutations – some want to buy land, some want to lease – and the business model is very diverse.”
The project is expected to be fully developed in 50 years.
Nusajaya is one of five flagship zones within the Southern Economic Corridor in Johor's Iskandar Development Region.
Asked if the land in Nusajaya had been revalued, Abdullah said: “It is the same value in our books. We have no intention to revalue the land yet.”
On whether a theme park operator had been identified since two theme parks are being planned at Nusajaya, Ibrahim said “discussions with potential partners are still ongoing”. He declined to name the parties.