The property developer may start launching new projects from July this year
to add 8.2 million sq ft of office space in Cyberjaya over the next five to seven
years.
THE Emkay Group, a property developer owned by Tan Sri Mustapha Kamal Abu Bakar,
is providing more office space at Cyberjaya, Selangor, to capture demand at the
fast-growing township.
It is building an 11-storey office tower at its NeoCyber integrated development
and two office buildings, known as block C and D, at MKN Embassy Techzone, an information
technology park.
Techzone is being developed by MKN Embassy Development Sdn Bhd, a 60:40 venture
between Emkay Group and Bangalore's Embassy Group.
The three new buildings will provide 826,000 sq ft of office space in Cyberjaya
by early 2010.
"We are targeting for another five million sq ft of office space over the next five
years," Mustapha Kamal said at the launch of block D by chief secretary to the government,
Tan Sri Mohd Sidek Hassan.
Since it ventured into Cyberjaya in 2006, Emkay has completed block A and B at Techzone,
and Bangunan Mustapha Kamal, providing 692,238 sq ft of office space.
Emkay may start launching new projects from July this year to add 8.2 million sq
ft of office space in Cyberjaya over the next five to seven years.
The new projects could be worth a combined RM3.2 billion. They include the phase
two of Techzone, which will have six purpose-built office blocks and the extension
of NeoCyber.
Emkay's investment strategy in Cyberjaya is to lease the buildings first and then
sell them.
Last year, it sold block A and B, and Bangunan Mustapha Kamal, to Amanah Raya Bhd,
a public trustee company wholly-owned by the Minister of Finance Inc, for RM266
million.
Block A and B have been leased for 10 to 15 years to the Public Service Department
and the Malaysian Administrative Modernisation and Management Planning Unit (Mampu).
Bangunan Mustapha Kamal has a long-term tenant in the Education Ministry.
Emkay is in the process of selling block C, which may be leased to Pejabat Pengarah
Tanah dan Galian, and block D, where it is finalising a deal to lease it to a government
agency.
Business Times learnt that Cyberview Sdn Bhd, a government-owned entity responsible
for the development of Cyberjaya, may buy block C and D, which are worth around RM200 million in total.