I think this is what they call an advanced piece of news. Reported in TheStar: Sime to build Malaysia’s largest property project alone; KWAP, Brunsfield out A few key points about Malaysia Vision Valley. It’s 379,000-acre and is said to be twice the size of Singapore. The partners for this super huge project was Sime Darby Property Bhd (SD Prop), Brunsfield Development Sdn Bhd and Kumpulan Wang Amanah Pencen (KWAP). This was what the quoted source said, “Later, all the parties mutually agreed not to extent the MoU. Subsequently, SD Prop decided to go it alone in developing the massive project by stages to take advantage of the development shift south of Kuala Lumpur.” (In brief, SD Prop will now be going it alone although it can definitely still have partners in the near future)
The reason for KWAP in pulling out? Article quoted a source from the fund as saying that KWAP wants to be a partner somewhere along the development. It is not keen to be part of the master developer team to drive the project. It is too large for an entity such as KWAP.” The article also said that SD Prop owns large tracts of land in MVV. It has also charted out a masterplan and the development of the first phase covering more than 11,000 acres will kick off soon. Sources say that the developer is confident of the demand for it even if the property market is soft currently. A source said, “The existing projects are seeing good demand because they are landed and not too expensive. The confidence is based on the thousands of workers in the industries.”
Sources said that the SD Prop master plan caters to gradual development to create vibrancy and provide ample open spaces and green parks in its development. MVV covers a large area from Sepang in Selangor right up to Port Dickson in Negri Sembilan. The high-speed rail (HSR) is to cut across the development with at least two stations located within the development. One of the stations is in Labu in Negri Sembilan. At the moment, the HSR has been deferred (read here) but there’s the existing railway line with a stop in Labu to provide connectivity. A source said that the Negri Sembilan state government is also doing its best to help SD Prop develop the area between KLIA and up to Seremban. He said that the state saw tremendous potential, especially to cater to industries that want to be located in close proximity to the airport. “The MVV is a project that will drive development in the state for the next 30 years.” Earlier report here Please refer to the article in TheStar here. Happy anticipating and all the best SD Prop.
written on 4 Oct 2018
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