Malaysia Vision Valley project hits temporary snag

Sources say the delay is due to the recent leadership changes at Sime Darby Property

By P PREM KUMAR / Pic By MUHD AMIN NAHARUL

The Malaysia Vision Valley (MVV) project, which was announced with much fanfare, has seen little progress as the development’s key partner is undergoing a major corporate reshuffle.

Spanning from Nilai to Port Dickson, the public-private initiative which was inked in May this year, was expected to attract RM290 billion worth of investments over the next 30 years.

Sources close to the development said the delay was due to the recent leadership changes at Sime Darby Property Bhd (SDP), a key member of the consortium created to spear-head the MVV project.

The sources said land and regulatory issues were also hindering the project’s development although the Negri Sembilan state government was extending its full cooperation.

“There has been not much progress in the entire project since the signing in May. But all parties are working together in ensuring that the project moves,” the source with knowledge of the development told The Malaysian Reserve.

The two other parties which form the consortium are Retirement Fund Inc and Brunsfield Development Sdn Bhd.

Under the memorandum of understanding, the three parties will explore the opportunity to develop the first phase of the MVV development as part of the 11,000ha of area earmarked for development.

According to the source, the MVV is expected to gain momentum by year-end as Permodalan Nasional Bhd chairman Tan Sri Abdul Wahid Omar has expressed interest to lead in the project’s physical development.

Malaysia Vision Valley

According to a source, Abdul Wahid has expressed interest to lead in the project’s physical development (Pic by Muhd Amin Naharul/TMR)

Abdul Wahid, who was appointed as SDP chairman in July this year, attended an informal dinner last week with Negri Sembilan Mentri Besar Datuk Seri Mohamad Hasan and other stakeholders.

The MVV development was one of the items discussed in the meeting. It is believed that Abdul Wahid had asked for a greater cooperation from all stakeholders, including the state government.

“The MB (Mohamad) assured the state’s fullest cooperation. Abdul Wahid also said he will take personal charge of the MVV development,” said the source.

Finance Minister Datuk Seri Mohd Najib Razak, when tabling the 2016 budget, announced the creation of the MVV, an integrated economic development valley covering the western part of Negri Sembilan.

With a proposed area of 130,000 acres, or about 75% the size of Singapore, the development will cover towns like Nilai, Seremban and Port Dickson.

The 30-year project was expected to attract about RM290 billion in investment, create 1.38 million new jobs and generate between 6.2% to 7.3% annual economic growth.

The MVV includes the development of five strategic clusters namely Edu-Tech Valley, Tourism and Wellness, New Livable township, Central Business District and Nature City.

Key infrastructures, such as the high-speed rail and Senawang-KLIA Highway together with the existing facilities like the Kuala Lumpur International Airport (KLIA) and the North-South Highway, is expected to contribute to the MVV’s success.