Tokyo, 28 July 2015 – Mitsui & Co., Ltd. (“Mitsui”, Head office: Tokyo, President & CEO: Tatsuo Yasunaga) has entered into a joint venture agreement with Nusajaya Tech Park Sdn Bhd (“NTPSB”), a company jointly owned by Asia’s leading business space solutions provider, Ascendas, and Malaysia’s leading property developer, UEM Sunrise Berhad (“UEM Sunrise”), to offer Build-to-Suit (“BTS”) properties for lease in Nusajaya Tech Park in Iskandar Malaysia.
This joint venture marks the first Japanese partnership for industrial parks in Iskandar Malaysia. Mitsui has an extensive network in Japan and strong know-how in areas such as industrial property development, management and leasing. Ascendas has an established track record and capabilities in quality business space development and management, while UEM Sunrise is a leading Malaysian developer with in-depth local market knowledge and capabilities. Combining the respective strengths of these three partners, Nusajaya Tech Park will be well-positioned to provide differentiated solutions to Japanese corporations in Iskandar Malaysia, as well as attract a new wave of Japanese investments into the region. The park will also benefit from potential synergies with the Smart City project that Mitsui is undertaking in the Medini District within Iskandar Malaysia.
Mitsui and NTPSB will hold equity stakes of 49% and 51%, respectively, in the newly formed joint venture entity. Under the agreement, a total land area of 10.7 hectares will be set aside for BTS for lease within the 210-hectare Nusajaya Tech Park, at a projected development value of approximately SGD167 million (RM468 million) over four years.
Understanding that businesses have different requirements for space – be it manufacturing, logistics or hi-tech space, the Mitsui-NTPSB joint venture will provide one-stop solution to companies who prefer to operate in customised facilities on long-term leases, without the hassle and capital expenditure associated with the construction process. The joint venture will oversee and finance the entire real estate process for customers – from design, construction, project management to property management, thereby allowing companies to focus on their core business while enjoying the benefits of a customised facility provided by a trusted developer with strong credentials.
Designed for a wide range of light to medium industries, Nusajaya Tech Park offers an eco- friendly and world-class business environment, with integrated industrial, commercial spaces, dormitories, amenities and support facilities, all in one location. It is also the first township in Malaysia to be awarded Singapore’s Building and Construction Authority’s Green Mark for Districts – Gold (Provisional) Award.
Mr Reiji Fujita, General Manager of Urban Development Division of Mitsui, said, “Japanese companies are increasingly seeking investment and expansion opportunities in South East Asia as part of their globalisation strategies. Nusajaya Tech Park is a catalytic development in Iskandar Malaysia, located just minutes away from Singapore and well-positioned to serve as a key gateway for Japanese corporations to grow their presence in this region. Our collaboration with two very formidable industry leaders in this market, Ascendas and UEM Sunrise, will cement our position as a preferred partner for Japanese companies seeking growth in this part of the world.”
Mr Manohar Khiatani, President and Group CEO of Ascendas, and Chairman of NTPSB, said, “We are privileged to extend our existing strong partnership with Mitsui to Malaysia, in one of Ascendas’ latest and largest industrial park developments in Asia. By leveraging Mitsui’s strong network of clients and partners, we can elevate our marketing efforts for Nusajaya Tech Park, particularly to Japanese companies, and help these companies harness the potential of this fast- growing region. We look forward to working closely with Mitsui to further strengthen our value proposition for Japanese companies seeking high quality business space in this region.”
Mr William Tay, Chief Executive of Ascendas South East Asia and Director of NTPSB, said, “We welcome Mitsui as a new partner in Nusajaya Tech Park. Through this new joint venture, our customers in Nusajaya Tech Park will not only benefit from solutions that are customised to their business needs, but also enjoy international standards of business space development and operations as a result of the collective strengths of all three partners. We are confident that Nusajaya Tech Park will continue to play an instrumental role in catalysing industrial growth and creating an eco-system of high value-added industries in Iskandar Malaysia.”
Mr. Raymond Cheah, Chief Operating Officer, Commercial of UEM Sunrise said, “We are pleased that Mitsui is joining the Nusajaya Tech Park family. Mitsui’s involvement offers an added dimension that will propel Gerbang Nusajaya into an industrial and business engine to become the regional transformation hub, through a partnership of international proportions. This is set to bring sustainable long-term growth and strengthen Gerbang Nusajaya as a choice location par excellence for international businesses.”