- POSTED: 12 Jun 2014 12:51
The development has 40 per cent pre-commitment for its facilities and is expected to support 200 enterprises when fully operational, the developers say.
MALAYSIA: Singapore's commercial property landlord Ascendas and Malaysia's UEM Sunrise broke ground for the Nusajaya Tech Park at Iskandar Malaysia on Thursday (June 12).
The projected gross development value is S$1.5 billion (RM3.7 billion) and the first phase of the development is expected to be completed in 2016. Ascendas will have a 60 per cent stake in the project with UEM accounting for the other 40 per cent.
Spanning 210 hectares, the integrated technology park will comprise ready-built facilities and land plots for build-to-suit developments. The park has received 40 per cent pre-commitment for its ready-built facilities in the start up phase. When fully completed the integrated tech park is expected to support 200 enterprises.
The Tech Park will be developed in three phases over nine years, according to the developers.
Speaking at the ground-breaking ceremony on Thursday, Singapore Trade and Industry Minister Lim Hng Kiang said Iskandar Malaysia is strategically important for both Malaysia and Singapore.
Mr Lim said: "It not only contributes to greater cooperation between the two countries but also the integration of both economies. Indeed we have and will continue to jointly develop industries with synergistic activities in both Malaysia and Iskandar Malaysia."
The minister also encouraged Singapore companies seeking to venture overseas to consider Iskandar Malaysia as an option.