Negeri Sembilan's Property Market Is Quietly Confident
Chong Ming Ming, Sales Manager of CBD Properties (Seremban) tells aspiring home buyers why they should consider Negeri Sembilan.
Seremban has often been labelled as a sleepy hollow and it is that place “where old people from the Klang Valley go to retire”. Having lived in Seremban for the past 40 years, I have and continue to witness first-hand how the state is slowly shaking off this stigma.
It is true that the property market in Seremban pales in comparison to areas like Kuala Lumpur and Johor Bahru, but that is now changing.
As land is scarce in the city centre and with the construction of numerous new highways, the Klang Valley’s population have continued to shift outwards in the past 5 years. This outward demographic spread has now seeped into Negeri Sembilan, Seremban especially, hence the coining of the ‘Greater Klang Valley Conurbation’.
Thus in the past few years, property prices and values have increased exponentially in the state, particularly in Seremban. For instance, double-storey terrace homes in Seremban 2 which cost RM150,000-RM200,000, 10 years ago have doubled in value and now fall within the RM450,000-RM700,000 range.
Property prices in Negeri Sembilan will continue to witness healthy growth due to the following reasons:
THE AFFORDABILITY & LIFESTYLE COMBO
Seremban boasts a strategic location - Kuala Lumpur is within a 45-minute drive or a one hour commute by train. A growing number of KLites are opting to stay in Seremban and commute daily to the Klang Valley instead. The cost of living here is lower and they get to enjoy a more balanced lifestyle.
Even though property prices are appreciating steadily, properties in Negeri Sembilan are still considerably more affordable than its Klang Valley counterparts, thus the high demand from home buyers, especially families who are seeking landed properties.
MALAYSIAN VISION VALLEY (MVV)
Bearing an estimated gross development value of RM640 billion, this mega-project will sprawl across 108,000 hectares of land across the Seremban-NilaiPort Dickson area.
MVV is Malaysia’s sixth economic corridor and will include the development of five strategic clusters, namely Edu-Tech Valley, Tourism and Wellness, New Livable Township, Central Business District and Nature City.
Backed by both the Federal and State Governments, MVV aims to serve as an extension of Greater Kuala Lumpur and to open up new economic areas. It is projected that the population in MVV is set to grow from the current 700,000 to 3 million in the next 30 years.
MVV is also envisioned to bolster Negeri Sembilan’s position as an investment destination. The steering committee has already begun the groundwork in bringing in foreign investors.
Discussions are underway with a few big names including the USA’s Mayo Clinic, a world-renowned medical and research facility and Flex, (formerly known as Flextronics International Ltd) a major electronics manufacturer. The project has also already obtained a RM5 billion budget from the Federal Government for the construction of its supporting infrastructure.
The High-Speed Rail (HSR) connecting Singapore to Kuala Lumpur will revolutionise the way Malaysians travel. Negeri Sembilan is set to receive a HSR station in Labu.
The HSR is further complemented by other rail lines including the Express Rail Link (ERL) and the Mass Rapid Transit (MRT). This rail integration will enhance Negeri Sembilan’s connectivity, making the commute to the Klang Valley, KLIA and other neighbouring states extremely efficient.
REGIONAL DISTRIBUTION CENTRE
Chinese e-commerce giant, Alibaba Group will be setting up their regional distribution centre within KLIA Aeropolis, a new development focusing on air cargo, logistics, aviation and aerospace near KLIA. This will create numerous spillover effects such as job creation and commercial business growth for the surrounding areas and this includes Seremban.
The Seremban 2 township has set a new benchmark for the standard of living in Negeri Sembilan. Boasting a trifecta of fantastic concept and designs, supporting infrastructure and accessibility, this affluent township is an excellent example of a LiveWorkPlay development.
More projects incorporating a similar livable and sustainable concept is set to come on board in. An upcoming project in Negeri Sembilan is the PR1MA Seremban Sentral which features affordable apartments will be equipped with various supporting components such as public amenities, office buildings, shopping centres, medical facilities, an educational campus, hotels and recreational parks.
MULTINATIONAL COMPANIES & EXPAT COMMUNITY
Negeri Sembilan is now home to various established foreign multinationals such as Hino, Daihatsu, Akashi, Kayaku Safety, Coca Cola, ON Semiconductor, Nestle, TDK, 3M, Kibing Glass and others.
Therefore, the notion that Seremban properties do not generate good rental yields no longer holds water.
REPUTABLE PROPERTY DEVELOPERS
The past few years have witnessed a growing number of reputable property developers making their debut in Negeri Sembilan.
The current list of developers in the state includes IJM Land Bhd, Sunrise MCL Land Sdn Bhd, Sime Darby Property Bhd, OSK Property Holdings Bhd, GUH Holdings Bhd, LTS Properties Bhd, West Synergy Sdn Bhd, among many.
This positive indicator goes to show that the property scene in Negeri Sembilan is robust and is set to expand further. Homebuyers looking for good buys should consider projects located nearby the upcoming HSR, the North-South Highway as well as the LEKAS highway. When it comes to property investment, you cannot go wrong if you follow transportation infrastructure.
DISCLAIMER: The opinions stated in the article are solely of Chong Ming Ming and are not in any form an endorsement or recommendation by iProperty.com. Readers are encouraged to seek independent advice prior to making any investments