EMKAY Group, controlled by developer Tan Sri Mustapha Kamal Abu Bakar, plans to
build RM4.6 billion of properties in Cyberjaya offering 11.8 million sq ft of office
space in five years.
The group has bought 18.58ha of prime land for RM142.9 million to build commercial
blocks, an information and communications technology and data centre, and offices.
It also has 8.08ha adjacent to four commercial buildings it is constructing at its
MKN Embassy Techzone where it will build eight office towers with two million sq
ft of office space.
"These developments will commence from mid-2009. If we get the state government's
approval, there will be an 18-hole golf course here in the future," Mustapha Kamal
told Business Times during a site visit of the properties in Cyberjaya yesterday.
Under construction now are the four blocks at Techzone, which is a 60:40 joint venture
between Emkay and India's Embassy Group. Each block will provide 250,000 sq ft of
office space.
Block A, which will be launched by AmBank Group chairman Tan Sri Azman Hashim today,
will be leased by a reputable government agency from the third quarter, Mustapha
Kamal said.
Block B will be completed next month, while Blocks C and D will be ready by end-2009.
"We hope to get 10 high-tech companies here, each creating more than 2,000 IT-related
jobs, all in five years," Mustapha Kamal said.
It is learnt that office rental rates at Cyberjaya have increased from RM3.50 per
sq ft a year ago to between RM4 per sq ft and RM4.50 per sq ft now.
Emkay is also building Neo Cyber, which comprises 18-storey serviced apartments,
office towers, shops and 15-storey apartment blocks.
It has built 67 shops, which were sold within two days of launch. Under construction
are 138 shops and the serviced apartments, which, together with Block A at Techzone,
are expected to generate sales of RM388.4 million.
Emkay will start to build the office towers next month. Completion is expected by
end-2011, upon which there will be 260,700 million sq ft of net
lettable space.
Mustapha Kamal said Techzone, NEO Cyber and Bangunan Mustapha Kamal - a 121,500
sq ft office building in Cyberjaya soon to be leased by a government agency - will
offer a total 3.5 million sq ft of office space by 2011.
"I have earmarked more land for future developments to attract new investments. I believe in Cyberjaya. Even if I sell my stake, I will buy back land in Cyberjaya
and launch new projects. That's the level of confidence I have here," he said.
Emkay's major breakthrough in Cyberjaya came after it acquired 25 per cent of Setia
Haruman Sdn Bhd, the master developer of Cyberjaya entrusted with planning, designing
and developing the 2,800ha city, in 1997.
Other stakeholders of Setia then were Country Heights Holdings Bhd (CHHB), Landmarks
Bhd and UEM World Bhd, with each holding 25 per cent stake.
In 2004, Emkay acquired CHHB's and Landmarks' stakes for RM100 million cash. Emkay
now holds 75 per cent of Setia, while UEM owns the rest.