25 November 2014

Malacca and Negeri Sembilan: New Property Frontrunners

  25 November 2014

Rising from the shadow of Kuala Lumpur and the property explosion in Iskandar Malaysia, both Negeri Sembilan and Malacca are making their mark as lucrative property investment markets in the country’s Southern Corridor.

Negeri Sembilan, once known for its quiet and laidback lifestyle, is now cashing in on its proximity to the nation’s capital by attracting KLites looking for well-designed homes at half of the capital city’s prices. On the other hand, Malacca is capitalising on its significance as a historical state by developing newer and bigger attractions which are set to take its tourism industry to the next level.

Negeri Sembilan’s Rising Stars

Seremban, Negeri Sembilan’s capital has traditionally led the state’s development from its early days as the southern mining centre to its steady growth as an established town. This quiet township was home to generations of old families and a select number of KLites who chose to retire here.

However, the last decade has seen this sleepy place’s entire landscape transform as the scarcity of land in Kuala Lumpur has seen droves of buyers investing in Seremban instead. The timely opening of Seremban 2, a planned township located roughly 60km away from the country’s federal capital and the state government’s moving of several government offices, including the courts, administrative offices, district police and fire and rescue services department to the new township served to accelerate Negeri Sembilan’s growth.

The strong demand exhibited by Seremban 2 as well as the inclusion of Seremban as part of the Greater Klang Valley conurbation has seen the rise of a number of large-scale projects in the state. This includes the new townships of Seremban 2 and Bandar Sri Sendayan as well as the Seremban 3 and Forest Heights residential areas.

Commercial developments are thriving as well as indicated by the high occupancy at newly opened industrial areas such as such as Sendayan Tech Valley and Bandar Enstek which boasts names such as Coca-Cola, Kellogg’s, Hino Motors and SKF. Plans to launch the 8,000ha Malaysia Vision Valley project which will encompass the Seremban-Nilai-Port Dickson area and consist of townships, industrial zones and educational hubs are also underway.

Port Dickson, once the state’s famed beach getaway, has also in recent years experienced a comeback with cleaner beaches and newer resorts. Additionally, a water theme park comprising the state’s largest splash park, serviced suites and a hotel with convention facilities is set to open soon and is expected to give Negeri Sembilan’s domestic tourism industry a much needed boost.

The Resurgence of Malacca

Although Malacca has over the years been able to sustain interest amongst investors with smaller developments to support its tourism industry, it has never quite regained its glory as the ‘Venice of the East’. In order to remedy that, the state government as well as several private investors who recognise the potential of the UNESCO heritage site have recently unveiled mega-development projects which are designed to transform Malacca into a global tourist destination.

Projects which are positioned to raise the state’s profile include the recently announced RM40-billion Melaka Gateway project which consists of 12 precincts including residential, commercial, cultural, entertainment and marina terminals. It will be the largest of its kind in Asia and is designed to tap into the growing number of cruise ships plying the route which currently do not stop at Malacca due to the lack of facilities. Also in the pipeline is a plan by the federal government to build a world-class port in Malacca with Tanjung Bruas in Melaka Tengah and Kuala Linggi in Alor Gajah identified as possible sites for the project.

The state government through the Invest Malacca initiative which focuses on promoting business within its borders has been successful in developing the state’s positive economic growth since 2007. This concerted effort has also earned Malacca the reputation of being the most progressive state in Malaysia. The initiative has managed to attract huge investments from giant international conglomerates such as the Honda assembling plant, CTRM Aero Composites which supplies parts for Boeing aircrafts, Infineon Technologies, Creative Technologies Ornasteel, National Semiconductor and Matsushita.

A Bright Outlook

The rise to prominence of Negeri Sembilan and Malacca is well aligned with the federal government’s agenda to transform Malaysia into a high-income nation by 2020. The role they play as strategic locations within the southern corridor will create greater opportunities for investors seeking affordable options outside Greater Klang Valley and Iskandar Malaysia. - iProperty

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