KUALA LUMPUR: Sime Darby Property Bhd (SD Property) is currently in talks with several investors to develop the Malaysia Vision Valley (MVV) with the immediate development being a high-tech industrial park.
The property developer had also engaged with the Negri Sembilan government, citing that the MVV was recognised as a catalyst for the state’s future growth.
“The next step is to engage the federal government to discuss matters relating to economic affairs and transportation infrastructure,” an SD Property spokesperson told NST Business.
“As a progressive driver for a sustainable, innovative and inclusive development, we will continue to work with the federal and state governments to deliver value to our stakeholders,” the spokesperson added.
SD Property said is still early to provide any conclusion at this stage.
In May 2017, SD Property, Kumpulan Wang Persaraan (Diperbadankan) and Brunsfield Development Sdn Bhd signed a memorandum of understanding (MoU) to lead the development of MVV, encompassing the districts of Seremban and Port Dickson.
The company said MVV will form a key part of the 11th Malaysia Plan and the National Transformation Plan, which will drive the country’s growth and development for the next 30 years.
“MVV is a state-led but private sector-driven development which spans across 379,100 acres of land to deliver economic impact to the country.
“This will be delivered by bringing in investments and creating jobs and business opportunities.”
The development is aligned with Rancangan Fizikal Negara and the Rancangan Struktur Negeri, where it has been identified as one of the 17 Promoted Development Zones to be given priority at the national level.
The first phase is over a 30-year development period in the area covering 11,636 acres.
SD Property currently owns 2,838 acres of land within MVV and has the option to acquire another 8,796 acres from Sime Darby Bhd within five years from the date of its listing.
MVV is planned as an expansion of Greater Kuala Lumpur, building on its organic growth to the south, and capitalising on the existing and planned world class infrastructure, resources, and talent, attracting investments from all over the world.
The 30-year project is expected to attract about RM290 billions of investment into MVV, create almost 1.38 million new jobs, and generate between 6.2 per cent to 7.3 per cent annual gross domestic product growth for the development.
With a proposed area of 130,000 acres, or about 75 per cent the size of Singapore, this development will cover towns like Nilai, Seremban and Port Dickson.
The MVV project includes the development of five strategic clusters namely Edu-Tech Valley, Tourism and Wellness, New Livable township, Central Business District and Nature City.
The company said through the MoU, Sime Darby Property, Brunsfield Development, and KWAP will explore the opportunity to develop the first phase of development in the area which forms part of the 11,000 hectares of land currently being planned for development.