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Friday, March 21, 2008

Emkay marks 25 years and growing

The Emkay group of companies, controlled by property tycoon Tan Sri Mustapha Kamal Abu Bakar, is set to earn stable and sustainable income for years to come, arising from strong sales and rental payments from its property projects.

From 2005 onwards, it will be the investment stage during which we will build specific buildings and then lease them out to earn recurring income for the group. Tan Sri Mustapha Kamal Abu Bakar - Emkay founder

Mustapha Kamal is also the chairman and dominant stakeholder of associate company MK Land Holdings Bhd, a property developer listed on the main board of Bursa Malaysia.

He holds 48.7 per cent of MK Land via privately-held MKN Holdings Sdn Bhd, which in turn is one of 15 companies owned by Mustapha grouped under the Emkay stable.

Emkay will be celebrating its 25th anniversary tomorrow. The event will be attended by former prime minister Tun Dr Mahathir Mohamad.

Mustapha Kamal said Emkay already had a three-phase plan when it started out in 1983.

Under the first phase, 1983-1993, it wanted to go all out to develop new property projects.

"Between 1994 and 2005, we went through the expansion phase.

"From 2005 onwards, it will be the investment stage during which we will build specific buildings and then lease them out to earn recurring income for the group," he said.

In Cyberjaya, for example, some international firms, especially information technology (IT), find it cumbersome to buy land and build their operational offices, he added.

Emkay and associate company Setia Haruman Sdn Bhd, the master developer of Cyberjaya, are embarking on a new initiative for Cyberjaya - constructing the buildings and then renting or selling them to investors.

Emkay chief operating officer Peter Teh Heng Poh said the RM100 million Bangunan Mustapha Kamal in Cyberjaya is a case in point.

The building is expected to be issued with its certificate of fitness this month, with tenants to come in soon after.

"This building, along with Emkay's other projects, will generate recurring income for the Emkay group of companies for the long term," said Teh.

Other ongoing projects include the Menara Mustapha Kamal in Damansara Perdana, Petaling Jaya, the RM350 million MKN Embassy Techzone in Cyberjaya and the RM300 million NeoCyberjaya mixed development, also in Cyberjaya.

Emkay started out with a landbank of 6,072ha, with gross development value of RM29 billion, enough to keep it busy for the next 10-15 years.

It has built 45,000 homes (some projects are carried out together with MK Land) on part of the 6,072ha. The homes, commercial and office blocks have a combined gross development value of RM13 billion.

Emkay is expected to open its RM77 million Belum Rainforest Resort on Pulau Banding in Grik, Perak, as early as this month.

By New Straits Times (by Zaidi Isham Ismail)

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