MVV 2.0 set to drive investments

(File pix) Negri Sembilan Menteri Besar Aminuddin Harun (5th from left) and Sime Darby Property chairman Tan Sri Zeti Akhtar Aziz (6th from left) with other officials looking at the scale model of Malaysia Vision Valley 2.0. Pix by NSTP/Hazreen Mohamad

 

By Sharen Kaur - Published in NST Property on December 27, 2018

 

A NEW plan to develop 153,411 hectares of land in Nilai, Seremban and Port Dickson in Negeri Sembilan may boost confidence in the local property market.
The development, known as Malaysia Vision Valley 2.0 (MVV 2.0), which involves an area twice the size of Singapore and part of Greater Kuala Lumpur, is expected to attract RM294 billion of investments in 30 years.
Private companies have purportedly indicated interest to participate in MVV 2.0. They include a company from China which has agreed to invest RM2 billion in Nilai.
The MVV 2.0 will focus on four economic drivers — high-tech industry, services and tourism, education and skills-based research, and logistics, aviation and maritime hub-related activities.
“The development will open up new industries, and more businesses are expected to make MVV 2.0 their new home. As MVV 2.0 is focused on four key economic sectors which are all doing well amid the current market conditions, the build-up for housing is expected. We are looking at thousands of apartments and landed properties for locals and foreigners who will work and live in MVV 2.0,” said a Seremban-based property consultant.
He also expects interest to build up in existing projects like Seremban2by IJM Land Bhd and Iringan Bayu by OSK Property.
MVV 2.0, previously known as Sime Darby Vision Valley (MVV), was given a new lease of life in line with the government’s inspiration to create job opportunities and promote high-tech industry.
The project originally had an estimated gross development value of RM25 billion to RM30 billion.
Under the master plan unveiled in 2009, the project would cover over 32,000ha, to be developed in about 20 years. Key proposed pieces of infrastructure such as high speed railways and highways were identified The MVV 2.0 was launched two weeks ago by Negri Sembilan Menteri Besar Aminuddin Harun.
Aminuddin said MVV 2.0 differs from it predecessor MVV as the restructured development gives priority to investments in the industrial sector.
“Under MVV, the priority was initially housing. We now wish to attract more investors, especially in the clean and green and high-tech sectors, to improve our economy and be able to provide more jobs,” he said.
Sime Darby Property Bhd will be undertaking the MVV 2.0 project as the master developer.
The developer currently owns 1,149ha
within the MVV 2.0 and has the option to acquire another 3,560ha from Sime Darby Bhd within five years from the date of its listing.
The first phase of MVV 2.0 spans over a 30-year development period covering 10,927ha.
Six projects have been identified under Phase One — a hi-tech industrial park (1,135ha), an integrated transportation terminal and downtown transit-oriented development (3,518ha), specialised and integrated logistics services (1,240ha), World Knowledge City (2,000ha), Biopolis and Wellness City (2.000ha) and a tourism district and bird/river sanctuary (920ha).
Sime Darby Property chairman Tan Sri Dr Zeti Akhtar Aziz said being the master developer will allow the company to extract and enhance the value of its landbank within the MVV 2.0 development area.
The company has been involved in the property sector in Negri Sembilan since 1997 with the opening of the 720ha township in Nilai Impian. In 2012, it unveiled Bandar Ainsdale and the following year, Chemara Hills.