Negeri Sembilan is emerging as Malaysia’s next industrial growth frontier, supported by its proximity to Greater Kuala Lumpur, relatively competitive land costs, improving infrastructure and a growing pipeline of semiconductor, manufacturing and data centre investments, according to RHB Research.
In its latest thematic report, RHB maintained its OVERWEIGHT stance on property and infrastructure-related counters exposed to the state’s expansion.
Manufacturing already accounts for 37.4% of Negeri Sembilan’s gross domestic product, second only to services at 53.3%. The state attracted RM3.4 billion in approved foreign investments in the first half of 2026, compared with RM4.4 billion for the whole of 2025.
Overall approved investments reached RM19.13 billion in 2025, while the state secured another RM5.01 billion in the first half of 2026. RHB said investment is increasingly moving beyond conventional manufacturing into digital infrastructure, semiconductors, aerospace and advanced manufacturing.
Data Centres Add New Growth Engine
Data centres are becoming a major component of Negeri Sembilan’s investment story.
RHB said Gamuda has secured around RM8 billion worth of data centre contracts in Port Dickson, while the 389-acre Bandar Springhill site could eventually accommodate an estimated 500MW to 700MW of capacity.
Meanwhile, the Nexus Yang Green Data Centre campus in Senawang is planned with an initial IT load of about 350MW and an estimated RM20 billion investment upon full build-out. Eco World’s Eco Business Park 7 has also secured a data centre land transaction involving about 222 acres.
These investments are feeding through to the construction sector. Negeri Sembilan recorded RM1.6 billion in construction work during the second quarter of 2026, up from RM1.2 billion a year earlier, with non-residential construction surging 135.6% to RM724 million.
As of Sept 15, RM10.2 billion worth of construction projects had been awarded in the state this year, making Negeri Sembilan the sixth-largest state by project value.
MVV 2.0 Anchors Longer-Term Expansion
A major driver is Malaysia Vision Valley 2.0, a roughly 379,000-acre development corridor spanning Seremban and Port Dickson.
Its six development zones include a technology park, smart township, integrated industrial and maritime hubs, a proposed Port Dickson Free Zone and AI Smart Container Port, and the Negeri Sembilan Semiconductor Valley.
RHB said Negeri Sembilan’s appeal is underpinned by connectivity to the Klang Valley, KLIA and Port Klang, an expanding industrial ecosystem, competitive costs and substantial undeveloped land. Only around 12.6% of the state’s land has been developed, leaving significant capacity for further industrialisation.
On the property side, RHB highlighted Eco World, Matrix Concepts and IJM as major developers, while contractors including Gamuda, Kerjaya Prospek, Inta Bina and Sunway Construction stand to benefit from growing industrial, data centre, healthcare and mixed-development activity.
RHB’s thematic stock ideas include Eco World, IJM Corp, Sunway, Matrix Concepts, Gamuda, Kerjaya Prospek, Inta Bina, Sime Darby, SD Guthrie and Sunway Construction.
