KUALA LUMPUR (Oct 30): UEM Sunrise Bhd (KL:UEMS) has teamed up with AME Elite Consortium Bhd (KL:AME) to develop a 402-acre industrial park in Gerbang Nusajaya, Johor, with an estimated gross development value (GDV) of RM4 billion.
The two developers will hold equal stakes in Gerbang Synergy Sdn Bhd, which will acquire the freehold land from UEM Sunrise’s wholly owned subsidiary, Nusajaya Rise Sdn Bhd, for RM972.1 million.
The JV is undertaken through UEM Sunrise's subsidiary UEM Land Bhd and AME Elite's unit AME Development Sdn Bhd, according to a statement on Friday.
UEM Sunrise's filing stated that the group and AME Elite will each contribute an initial RM226.6 million to the JV through share subscriptions and shareholders’ loans. The funding will cover the land deposit and first balance payment, with further contributions required to settle the remaining land purchase price and finance development costs.
The development will be rolled out in three phases, with the first phase expected to commence by end-2027.
UEM Sunrise said the partnership aims to accelerate the development of Gerbang Nusajaya into an industrial and business hub within the Johor-Singapore Special Economic Zone (JS-SEZ), combining UEM Sunrise's township development capabilities with AME Elite's industrial expertise and market network.
Johor attracted RM110 billion in approved investments in 2025, making it Malaysia's top investment destination for the year. Of this, RM77 billion came from the JS-SEZ.
UEM Sunrise managing director and chief executive officer Shaharul Farez Hassan said the partnership would unlock the potential of its land bank through collaboration with an established industrial property player.
"By bringing together UEM Sunrise's land development and township planning capabilities with AME Elite's specialised industrial expertise and market network, we have the capabilities to accelerate the activation of a compelling industrial proposition for investors," he said in a statement.
He added that the JV would allow UEM Sunrise to share development costs and execution risks with an experienced partner while retaining a meaningful stake in the project's long-term value creation.
"With the momentum surrounding Johor and the JS-SEZ, we believe Gerbang Nusajaya is well positioned to play an increasingly important role in Iskandar Puteri's next phase of growth," he added.
According to UEM Sunrise’s 2025 annual report, the group launched eight projects with a combined GDV of RM2.2 billion last year, exceeding its RM2 billion target. As at Dec 31, 2025, it had a remaining GDV of RM87.9 billion, supported by a land bank of 5,032.1 acres.
Shares of UEM Sunrise ended one sen or 2.15% higher at 47.5 sen on Friday, valuing the group at RM2.38 billion. AME Elite closed down two sen or 1.55% at RM1.27, giving it a market capitalisation of RM813.65 million.