Malaysia Vision Valley to draw RM290bil investments
The Malaysia Vision Valley (MVV) metropolis in Negri Sembilan is expected to attract more than RM290 billion in investments and transform the lives of millions of people in Negri Sembilan, said Prime Minister Datuk Seri Najib Razak. The project, which would be developed over 153,000 hectares, would encompass the Seremban and Port Dickson districts in Negri Sembilan, would be developed in phases until 2045. It would comprise five ‘clusters’, namely the Central Business District, Nature City, Edu-Tech Valley, Tourism and Wellness and New Liveable Township. MVV would focus on four main development thrusts: high-technology manufacturing, tourism and wellness, skill-based education and research, and specialised services; it would also involve eight projects, such as the High Tech Park and Industrial Campus, Integrated Transport District, Sports and Recreational City, World Knowledge City, Biopolis and Wellness City, and the Tourism District. (Malay Mail Online)

Malaysia and China to ink MoU on infrastructure deal
The Transport Ministry will soon sign a memorandum of understanding (MoU) with China on basic infrastructure development. It will be inked during Prime Minister Datuk Seri Najib Razak’s visit to China next week for a Belt and Road forum. Basic infrastructure refers to ports, highways, railways and others. E-commerce was also an area to be given emphasis during the forum. The Belt and Road initiative, proposed by China in 2013, is aimed at building up the economic connectivity of 65 countries along its ancient silk road and maritime routes. (The Star Online)

The new Silk Road in China’s Belt and Road initiative (Image from CGTN America)

Perkasa wants Bumi quotas for commercial property
Conservative Malay rights group Perkasa is urging the government to allocate quotas for the Bumiputera in commercial real estate. The group highlighted statistics that showed Bumiputera only owned 4.5% of industrial property and 5.4% office space compared to non-Bumis. It also called on the government to set up a body or special institution to purchase houses and shop lots under Bumiputera quotas that have failed to sell. It was claimed that developers merely gave the excuse that there were no Bumiputera buyers so that such units could be sold to the non-Bumiputera at a higher price. (Malay Mail Online)

IRDA keen to develop infrastructure in Iskandar Malaysia
The Iskandar Regional Development Authority (Irda) is focused on infrastructure development in Johor’s Iskandar Malaysia, which is key to attracting greater investments and reaping economic benefits in the long run. “Infrastructure development is a two-pronged endeavour. Firstly, it involves building airports, seaports and roads to facilitate connectivity with the world. Secondly, there is the ‘soft infrastructure’ such as telecommunications, energy, water and even education for the masses.” said IRDA CEO Datuk Ismail Ibrahim. The infrastructure budget for Irda over the past decade — it was launched in 2006 — was earmarked, mainly for ‘catalytic projects’ , meaning those relevant to economic growth. (Malay Mail Online)

MRCB to offer more residences at TODs
MRCB, the master developer of KL Sentral, is seeing rising demand for residential properties at transit-oriented developments (TODs) by city dwellers and aims to tap more into this property segment. As the public transportation system in Malaysia progresses, people are changing their perception towards the TOD concept and liking the convenience and easy accessibility that transport hubs provide. Following extremely encouraging sales of its Sentral Suites serviced apartment project, MRCB is looking to launch the final tower – Tower 2 – by 3Q this year. The integrated development has a GDV of RM1.52 billion and is slated to be completed by 2021. (The Edge Markets)

Malaysia at top spot in global Muslim travel market
Malaysia has strengthened its position as the top performing destination of a sector expected to be worth US$220bil (RM952.6bil) by 2020, according to Mastercard-CrescentRating Global Muslim Travel Index (GMTI) 2017. The United Arab Emirates (UAE) maintained its second position, while Indonesia moved up to third place. The world is seeing the influence of a new breed of young travelers, millennials and Gen Z who are combining technology with a real desire to explore the world while still adhering to their faith-based needs. Singapore retained its pole position for the non-OIC destinations, with Thailand, the UK, South Africa and Hong Kong rounding up the top five. (The Star Online)

Johor Baru to get more mega malls
Shoppers and the business community are looking forward to new shopping malls opening in Johor this year. Among them is Paradigm Mall Johor Baru, which will be the largest regional mall in Johor, and expected to open in November. IKEA Johor Baru, which is slated to open in the Tebrau area by year-end, will be the company’s third store in Malaysia and developed with an investment of RM592mil. The upcoming Capital 21 Festival Mall, which is developed by Capital City Property Sdn Bhd, is part of an overall mixed development project in Jalan Tampoi. The six-storey shopping mall that will feature interior designs inspired by the different capital cities of the world. Another big project is the Mid Valley Southkey Megamall, which will form part of a larger RM6 billion integrated mixed use development. Shopping enclaves are also in development in Country Garden‘s Danga Bay and Forest City projects. (New Straits Times Online)