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Friday, April 18, 2008

Emkay buying land in Cyberjaya

CYBERJAYA: The Emkay group of companies will spend RM142.9mil to buy land for its second phase of commercial property development in Cyberjaya.

Group chairman Tan Sri Mustapha Kamal Abu Bakar said group had identified various areas to put up buildings for the information technology (IT) industry.

“To date, in the first phase of our development here, we have bought RM72.3mil worth of land that has resulted in gross development value of RM725mil,” he told reporters after delivering mock keys to its NeoCyber buyers and a press briefing on its MKN Embassy Techzone building yesterday.

The event was witnessed by Second Finance Minister Tan Sri Nor Mohamed Yakcop.

Its first phase development has four main commercial property projects - the NeoCyber, MKN Embassy Techzone, the Mustapha Kamal building and the Lucky Cottage.

Emkay's buildings are on a build-then-lease-or-sell basis in response to foreign and local investors' needs.

Mustapha Kamal said the initial phase of NeoCyber, comprising shop lots, had been 100% taken up and the second phase was 90% sold.

“We will start the NeoCyber third and fourth phases early next year and hope to wrap up the project by 2010.

“For the MKN Embassy Techzone building, we are in the midst of installing some IT fittings as required by a potential buyer,” he said.

He added that the deal with the buyer would be announced soon.

In its business focus in developing IT buildings, Mustapha Kamal said the company had faith in the future of Cyberjaya.

“We develop buildings as per customer specification to be rented out; later we plan to go into real estate investment trusts,” he said.

Meanwhile, Nor Mohamed said the Government would spend RM40bil in subsidies this year.

“Of the total, fuel subsidy accounts for RM18bil as compared with RM7bil to RM8bil last year,” he said.

By The Star (by Sharidan M.Ali)

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