Prime Minister Najib Razak is expected to launch the Malaysia Vision Valley project by the first quarter of 2017.
“The project is likely to be launched by the prime minister by the first quarter of 2017. We have done the master concept plan and comprehensive development plan but the prime minister will announce the details,” said Datuk Jauhari Hamidi, managing director at Sime Darby Property.
Covering up to 108,000ha from Nilai to Port Dickson, Negri Sembilan, the massive project is a public-private partnership development, with Sime Darby owning around 40 percent of the land.
Sime Darby Bhd president and group chief executive Tan Sri Bakke Salleh revealed in August that the conglomerate is creating a vehicle or entity that will manage the project’s development.
Back in 2009, Sime Darby unveiled the master plan for the project, which was previously dubbed as Sime Darby Vision Valley.
Originally, it had an estimated gross development value of between RM25 billion and RM30 billion. To be developed in more than 20 years, the project originally covers more than 32,000ha spanning Selangor and Negri Sembilan.
The area has been earmarked by government for development under the National Physical Plan, which sets forth a long-term strategic framework for national spatial planning, including measures needed to shape the direction of land use, development and biodiversity conservation in Peninsular Malaysia.
Initial plans showed that the project will have two main components – Negri Sembilan Vision City and Selangor Vision City.
AirAsia Bhd also planned to develop a 1,214ha site in Labu into a low-cost carrier terminal. The project, however, was later abandoned.
It was revived when Prime Minister Najib, in his Budget 2016 speech, announced that the government will pump in an initial investment of RM5 billion in Malaysia Vision Valley project in 2016.
By 2045, the Vision Valley project is expected to generate over RM417.6 billion in investments. It is also expected to witness greater traction given the recent signing of the Kuala Lumpur-Singapore High Speed Rail, which will have one station within the project.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com