IWH said the purpose of the MoU is to formalise the intention of the parties to explore further, discuss, prepare and plan the going forward actions for the development of the project in Johor to enhance the international competitiveness of industries within the Johor-Shenzhen Industrial Park.
It said the MoU also aimed to implement development strategies focusing on manufacturing quality engineering, ecosystem expansion projects and opening international markets as well as foster the development of strategic emerging industries in alignment with the outlined industry and technologies.
“The proposed industrial park, about the size of 1,000 football fields, will be one of the largest purpose-built fully integrated new industrial estates in Johor.
It will be designed to provide companies with offices and production facilities as well as related support services to promote industrial development and collaboration,” it said.
It said this would be supplemented by the Johor-Shenzhen Innovation Development Hub to be set up within the Johor Bahru central business district, which would provide resources and support for innovative activities and research and development (R&D) initiatives in Johor.
IWH said PLS is the land owner of one of the identified locations for the 405-hectare Johor-Shenzhen Industrial Park in Ulu Sedili in Kota Tinggi and 20-hectare Johor-Shenzhen Innovation Hub in Johor Bahru, which are expected to be the new catalysts in the state of Johor.
“It will be the magnet of regional hi-tech industries and companies to set up their R&D hub and regional manufacturing plant in the above-proposed area,” it said.
IWH said the MoU was signed in conjunction with the official visit to China by a Johor delegation led by menteri besar Onn Hafiz Ghazi.
At the signing ceremony, IWH and PLS were represented by its executive chairman Lim Kang Hoo while SIHC was represented by chief engineer Wang Ge.
Meanwhile, Lim said the two projects would ride on the industrial wave in Johor being spurred by the recently announced Johor-Singapore Special Economic Zone and the coming onstream of the Johor Bahru-Singapore Rapid Transit System (RTS) by 2026.
“These two projects are a positive value proposition for Johor and will attract interest from businesses, both domestic and foreign,” he said, adding that Johor is now on a dynamic growth trajectory.
IWH, in which the Johor state government owns 37% shareholding through Kumpulan Prasarana Rakyat Johor Sdn Bhd, is one of the biggest land developers in Iskandar Malaysia owning more than 1,699 hectares of land bank, including prime waterfront land in Johor Bahru.
At the close of trading, PLS’s share price was down by 0.5 sen or 0.65% at 76 sen, giving it a market capitalisation of RM331.94 million.
Meanwhile, IWH’s share price was up by 2.5 sen or 3.40% at 76 sen, giving it a market capitalisation of RM700.06 million.