SINGAPORE: Ascendas, a Singapore government-linked firm, said on Tuesday it has entered into a joint venture with a unit of Malaysia's UEM Land to develop a technology park in an economic zone that the Malaysian government has been promoting aggressively.
The 519-acre (210-hectare) technology park in Iskandar Malaysia, with a projected investment value of S$1.5 billion ($1.23 billion), will cater to businesses in electronics, pharmaceuticals, medical devices, food processing and precision engineering, Ascendas and UEM said in a statement.
Ascendas, a developer and manager of industrial properties across Asia, is a unit of Jurong Town Corp, a Singapore government body. UEM's main shareholder is Malaysian state investor Khazanah Bhd.
Malaysia has been trying to woo companies to Iskandar, an economic zone in the southern state of Johor that is connected to Singapore by two bridges.