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Monday, March 8, 2010

Sime unit looks to Vision Valley for growth

Sime Darby Property Bhd's chief is looking to the RM30 billion Sime Darby Vision Valley (SDVV) to be its future growth driver.

The 32,000ha development is expected to enhance the value of its landbank and the company is optimistic of an earnings margin of no less than 15 per cent.

It expects to secure approval for the project soon and for work to start in September, managing director Datuk Tunku Putra Badlishah told Business Times in an interview.

The SDVV, scheduled to be completed by 2025, targets housing more than 4.5 million people.

It will encompass anchor projects Selangor Vision City (SVC) - covering the Guthrie Corridor, Subang Jaya, Carey Island, Ampar Tenang and Sepang Estate - and Negeri Sembilan Vision City (NSVC).
The NSVC will include Labu and Tanah Merah Estates and a new model of affordable housing community that will be developed as the first project in the country to cater for the housing needs of workers in the SDVV, Tunku Badlishah said.

Some 14,800ha will emerge as the main driving clusters for the overall master plan with its sports, healthcare and wellness; education; aviation and maintenance, repair and overhaul; leisure, tourism and entertainment; and Green Experimental Cluster components.

Tunku Badlishah said that key to the SDVV, a regional development, will be to attract foreign

direct investment (FDI) from the Asia-Pacific, the US, Europe and the Middle East.

“Geographically, we are right smack in Asia-Pacific. So, location-wise, we have the edge. Malaysia Airports Holdings Bhd is committed to building the new low-cost carrier terminal (LCCT) in Sepang. When the new LCCT is completed, Malaysia will become a stronger transportation hub for the region.”

Sime Darby Property is talking to local and foreign
conglomerates to invest in the development.

The SDVV will complement the Iskandar Malaysia development in Johor.

Sime Darby Property will work with Iskandar Investment Bhd and the Iskandar Regional Development Authority for the development of both Iskandar Malaysia and the SDVV, Tunku Badlishah said.

By Business Times

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