KUALA LUMPUR (July 15): Iskandar Waterfront Holdings Sdn Bhd (IWH) and Catcha Group Sdn Bhd have inked a memorandum of understanding to explore building Internet Cities and technology business hubs across Southeast Asia.
In a joint statement on Friday (July 15), the companies said that with the growth of the tech sector and the need for more centralized locations designed specifically to support the sector, IWH and Catcha recognize there is a huge opportunity to explore and understand in greater detail.
They said the technology & digital sector now employs over 150,000 people in the region and constitute over 20 million ft2 of commercial space in the region, yet there was no dedicated city or zone targeting this sector.
IWH chairman Tan Sri Shahril Ridza Ridzuan said Catcha’s involvement across multiple technology companies gives them unique insights into what tech companies need for growth.
“IWH is the premier master developer for the region and we look forward to creating the blueprint for a world class internet city with them,” he said.
Meanwhile, Catcha CEO Patrick Grove said technology and digital companies are increasingly becoming the largest and fastest growing tenants in commercial spaces..
“We see a huge opportunity to explore together with one of the leading Master Developers in Malaysia,” he said.
The companies said the team will begin researching successful Internet Cities and tech hubs in Paris, Silicon Valley and Shenzhen for ideas and inspiration.
Following this, they intend to identify prospective locations for Internet Cities across the region.
In Malaysia, locations in Johor and Kuala Lumpur are high on the priority list.