Selangor State Development Corp (PKNS) plans to launch properties worth RM1.6 billion under Phase 1 of the revamped Selangor Cyber Valley project.
Formerly known as Selangor Science Park 2 (SSP2), the new launches would dismiss claims that the developments on the 526.1ha site located in Bukit Baja, Dengkil, are carried out at a snail’s pace and the project would eventually fail.
PKNS acquired the land in 2004 with the intent of housing international high-tech firms especially in the field of biotechnology and pharmaceutical.
It had also allocated plots for residential and commercial development, creating a self-sustaining eco-system.
However, the state-owned developer had a relook at the potential of the land and revamped its master plan, in line with market demand and maximising its potential.
“We have submitted the proposed development plan for approval. The plan includes the development of 50 three-storey landed houses, 148 units of semi-D, a 26-storey serviced apartment block consisting of 236 units known as Vega Residensi 2, a 16-storey tower house and 46 shop houses.
“These properties will be built within the next two years and will be launched in stages,” Azlan told The Malaysian Reserve recently.
As demand for affordable houses continues to rise, Azlan said PKNS will launch the first phase of “Rumah Mampu Milik” (affordable homes) in May this year, comprising a 500-unit apartment tower.
“That will form part of Phase 1. We had completed and handed over our 400 units under Vega Residensi 1 in November last year,” Azlan said.
Selangor Cyber Valley is the state developer’s eleventh urban centre. It has a gross development value (GDV) of RM16.9 billion under a comprehensive 20-year development master plan.
The urban centre is equipped with high-speed broadband service for commercial and residential use, in line with its vision of making the township a place to work and live in.
Azlan said despite that only 80 acres from the total 1,300 acres have been developed, PKNS believes its strategic location will be a major selling point.
“We changed our master plan according to the needs of the market. We look at Selangor Cyber Valley’s potential and how well connected it is to the other places and nearest cities. It is very central.
“So 1,300 acres for industrial purposes will not maximise the location’s potential. With all the access points like highways, the land is better off developed into a township,” Azlan said.
Under the previous SSP2 master plan, 60% of the land is allocated for industrial and commercial use, 30% for residential space and 10% for infrastructure.
However, the only tenant at SSP2 is Hanwha Q CELLS Malaysia Sdn Bhd (QCells).
“We still have close to 100 acres of land for industrial purposes. We are looking to attract higher level industry players. We have QCells presently and they are expanding their factories.
“Subsidiaries of public-listed companies are setting up their transhipment hub there. There are also a few other solar panel manufacturers,” he said, adding that the prospects for the industrial segment remain positive.
At the same time, Azlan said almost 50% of the housing units in Selangor Cyber Valley will be affordable homes, amounting to 2,200 units.
He said PKNS also managed to woo a few educational institutions like Korean International School and Brainy Bunch Islamic Montessori to the development.
“We are now negotiating with one potential university college to move there from Cyberjaya,” Azlan said.
As per the latest master plan, 60% of the total landbank is for residential, commercial and industries and township development, while 40% will be handed over for the state to build schools, parks and other necessary utilities development, he said. Azlan said PKNS had planned to develop Selangor Cyber Valley in 2010 but its land conversion issue had delayed work and was only resolved in 2014.
“I would say that for Phase 1, we have resolved all the land issues. It is fully converged,” he said, adding that the delay had also increased the construction and development cost between 5% and 6%.
“Despite the delays and challenges, we believe this is the best time to develop Selangor Cyber Valley.
“It is also the best time to realise its true potential. If we had developed it earlier, we would not have benefitted. So there is something good that came out from all the delays. After about 12 years, now is the time for us to develop the land,” Azlan said.
Source : themalaysianreserve.com, selangorku.com