Korean Company Inks S&P With UEM Land To Invest US$170.68 Million In Malaysia's Iskandar Puteri

KUALA LUMPUR, June 29 (Bernama) -- South Korean company, AMOREPACIFIC Corporation, plans to invest US$170.68 million (RM691 million) to develop an integrated centre for research and development, manufacturing and logistics of cosmetic products in Malaysia. UEM Sunrise, which is the master developer of Iskandar Puteri, a newly developed planned city in Johor Bahru district of Malaysia's southern state Johor, said AMOREPACIFIC had inked a sale and purchase agreement (S&P) through its wholly-owned subsidiary, UEM Land Bhd. The S&P is for the sale of land parcels located within the Southern Industrial and Logistics Clusters (SiLC) in Iskandar Puteri, measuring 9.45 hectares. "With the establishment of the new facility, AMOREPACIFIC expects to create between 300-500 jobs in Iskandar Puteri, one of the five flagship zones of Iskandar Malaysia," UEM Sunrise said in a statement. Executive Director Izzaddin Idris said the direct investment from the cosmetic giant in South Korea would have a "Queen Bee" effect on the SiLC. He said it would create a positive chain reaction attracting both upstream and downstream industries into the region which would spur employment and population growth in Iskandar Puteri. "We are excited to have signed this S&P as it bodes well with SiLC's aspirations as one of the key catalyst within Iskandar Puteri's masterplan," said Izzaddin. The SiLC is a 526.09-hectare managed industrial park dedicated for the establishment of pharmaceutical, biotechnology, advanced technologies and integrated logistics companies. --BERNAMA