Prime Minister Datuk Seri Najib Tun Razak said the Klang Valley My Rapid Transit (MRT) project is expected to generate between RM8 and RM12 billion in spin-off projects.

He said the project would also boost property development with an estimated RM15 billion in new properties expected to be completed in the next 10 years.

"Gross National Income of RM3 billion is projected to be generated based on a 20 per cent increase in value of commercial and residential development projects between 0.5 km and 1 km radius of the MRT line within the next 10 years," he said during the launch of the MRT project from Sungai Buloh to Kajang.

Najib also announced the approval of the final alignment of the MRT project, which once completed, would benefit more than 10 million commuters.

The MRT is designed to serve as a backbone towards the current intercity rail network which comprises the existing Light Rail Transit and KTM Komuter System.

Meanwhile, chairman of the Land Public Transport Commission (SPAD) Tan Sri Syed Hamid Albar said with the launch and announcement of the final alignment, land clearing work would commence for the Sungai Buloh-Kajang (SBK) Line, the first MRT line earmarked under the Greater Kuala Lumpur initiative.

The MRT is the largest civil infrastructure project undertaken by the government as part of its Economic Transformation Programme.

"The project will see ground works commencing at three locations along the alignment, in Sungai Buloh, Cochrane and Semantan," Syed Hamid said.

He also announced that feasibility studies were currently being undertaken to study the viability of extending the MRT system to Johor Bahru and Penang.

"The initiative is part of SPAD's long-term planning to ensure that the MRT system and the wider transport network are accessible to every layer of society," Syed Hamid said.

"Construction of the 51-km Sungai Buloh-Kajang line will begin in November when the first tender package is awarded," he said, adding that the project was scheduled to be completed in 2016 and commence operations in January 2017.

"Once in operations, the Klang Valley MRT project will have 31 stations, with eight underground stations," he said.

There will be four interchange stations connecting the KTM Komuter Line, Ampang LRT line and the Kelana Jaya LRT line. - Bernama