Emkay to embark on RM3.8bil development project in Cyberjaya

CYBERJAYA: The Emkay Group will embark on additional development here with a gross development value (GDV) of RM3.8 billion, said its chairman, Tan Sri Mustapha Kamal.

He said the development would take place in five years, under Cyberjaya's "third wave" beginning this year until 2016.

"The development comprises 3.1 million sq ft of office space, 3,250 units of various types of residential units, 856 commercial units and a light industrial area for automotive support services," he told a media briefing here today.

Since its inception in Cyberjaya, Emkay has invested some RM1.3 billion from 2006 until last year in developing office space, commercial and residential units.

These projects provided a total net floor area of 1.9 million sq ft of office space, 214 commercial units and 452 residential units.

Mustapha said Emkay's investment in Cyberjaya would be increased almost three-fold.

"This shows our commitment and confidence in Cyberjaya's progress into the future. We have managed to position Cyberjaya in tandem with the government's aspiration towards the realisation of Malaysia's intelligent city," he said.

He said the group made a profit of RM213 million from the RM1.3 billion invested from 2006 until last year.

On whether the group would be recording three-fold increase in profit in sync with its three-fold investment Mustapha said:

"Maybe. Logic will tell that."

Emkay Group owns 75 per cent of Setia Haruman Sdn Bhd, the master developer of Cyberjaya.

Emkay's development of residential units will see an increase of seven times with its plan to build another 3,250 units in the next five years compared with only 452 units built between 2006 and 2011.

For 2011 alone, out of RM3.04 billion investments in Cyberjaya, 80 per cent, or RM2.4 billion, was invested in the development of residential units.

Various types of residential units were offered last year by participating developers including condominiums, bungalows, semi-detached, town houses and link houses.

Compared with 2010, the total number of residential units launched last year increased by over 90 per cent from 2,348 units to 4,940 units.

It is anticipated that an additional 7,488 residential units will be offered in the near future, which is capable of housing some 32,000 residents.

"This 'third wave' is undoubtedly an important milestone in the development of Cyberjaya as a liveable city," Mustapha said.

Mustapha said Emkay also planned to build affordable homes in Cyberjaya under Projek Perumahan Rakyat 1Malaysia (PRIMA).

"We are looking into it, toying with the idea. The land here is expensive," he said.

He said that the group had been given nod by the Perak state government to build affordable homes under PRIMA in the state. - BERNAMA

By The Star Online

Source : http://biz.thestar.com.my/news/story.asp?file=/2012/2/28/business/20120228150516