Billion dollar Malaysian tech park announced

Singapore's Ascendas today announced a joint venture agreement with Malaysia's UEM Land Berhad to develop a 519 acre tech park located at Gerbang Nusajaya, Malaysia. Ascendas will hold 60% and UEM Land will hold 40% of the joint venture. They expect the total investment to be S$1.5 billion (US $1.23 billion).

The developers expect the tech park to support a range of industries such as electronics, pharmaceutical and medical devices, food processing, precision engineering, fast moving consumer goods, logistics & warehousing and general engineering services as well as land plots for customized facilities. The park is planned to be developed  in three phases over nine years. Phase 1 targeted to open in Q4 2013.

The full announcement can be found here.