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Monday, June 30, 2008

Cyberview to launch housing project in August

CYBERVIEW Sdn Bhd, a government-linked entity mandated to spearhead the development of Cyberjaya, will launch its flagship housing project, myHome@Cyberjaya, for more than RM150 million by August.

It will build 1,000 units of affordable apartments, double-storey houses and two- and three-storey shopoffices in two phases over a span of four years to cater to the needs of the Cyberjaya knowledge workers.

Managing director Redza Rafiq told Business Times in an interview that the apartments and houses will be priced from RM88,000 to RM168,000 respectively, while pricing for the shop-offices is still being planned.

REDZA: Cyberview together with the other major stakeholders of Cyberjaya are all hard at work to ensure Cyberjaya's position is firmly entrenched in the global ICT map

"The 11.63ha myHome@Cyberjaya project will be our first residential development. All the units will be uniquely designed by award-winning architects. As the development progresses, we will invest in new projects to build corporate buildings suited to clients' specific requirements. We will also construct international schools," Redza said.

The main objective of Cyberview is to ensure that the development of Cyberjaya adheres the government's guidelines and aspirations and to advise it on Multimedia Super Corridor/Cyberjaya development matters.

It has 100.8ha in its pockets, of which less than 32ha have been utilised or are being developed.

The land was given up by Setia Haruman Sdn Bhd, the master developer of Cyberjaya, under a revamp exercise.

In 1999, Cyberview signed a development agreement with Setia Haruman granting it the right to develop 2,832ha in Cyberjaya as the master developer in exchange for 8.5 per cent return on equity, while Cyberview became the landowner.

By 2002, the development model became unsustainable and had to be restructured.

Cyberview was asked to come in by the government to save the Cyberjaya project from being derailed due to Setia Haruman's high gearing and its inability to service its obligations to the tune of RM3 billion.

Cyberview had taken over a substantial portion of the obligations and helmed the restructuring exercise for the project, which phased the remaining amount to give Setia Haruman breathing space and to ensure the development of Cyberjaya will be continued.

The exercise was concluded in May 2006. Under the exercise, Setia Haruman gave up its sale and development rights over a 101ha tract of land to Cyberview for RM500 million.

Initially, Setia Haruman was equally held by UEM World Bhd, Country Heights Holdings Bhd (CHHB), Landmarks Bhd and Tan Sri Mustapha Kamal Abu Bakar's Emkay Group.

In 2004, Mustapha Kamal bought over the shares from CHHB and Landmarks for RM100 million cash resulting in Emkay gaining 75 per cent control over Setia Haruman. UEM holds 25 per cent.

"With the restructuring exercise, Cyberjaya was able to move forward again and now houses more than 400 local and foreign corporations. The amount of office space is expected to breach the five million sq ft mark before the end of 2010, from 3.7 million sq ft currently," said Redza.

Emkay, which is one of the bigger private developers in Cyberjaya, will alone offer 3.5 million sq ft of office space by 2011.

"Cyberview, together with the other major stakeholders of Cyberjaya such as Multimedia Development Corp (MDeC), Majlis Perbandaran Sepang and Setia Haruman, are all hard at work to ensure Cyberjaya's position is firmly entrenched in the global ICT map," added Redza.

By New Straits Times (by Sharen Kaur)

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