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Monday, June 23, 2008

UEM plans RM1b Cybercity venture

Property unit finalising 40ha land deal with Setia Haruman, says company source

UEM Land Bhd will acquire about 40ha from Setia Haruman Sdn Bhd, the master developer of Cyberjaya, and launch its first housing project in the digital city worth some RM1 billion by year-end.

It is learnt that UEM Land- a unit of UEM World Bhd, Malaysia's third biggest construction concern - will buy the land for less than RM150 million to construct over 3,000 units of superlink, semi-detached houses and condominiums.

A company source told Business Times that UEM Land plans to sell the houses from RM500,000 each, and condominiums starting from RM200,000 per unit.

"Both firms are finalising the land deal. It is Setia Haruman's objective to equip Cyberjaya with 6,200 homes by 2010," the source said.

Cyberjaya, Malaysia's IT hub, has 2,700 houses comprising landed properties and apartments.

The homes were built by Setia Haruman, Country Heights Holdings Bhd, MK Land Holdings Bhd and Emkay Group of Companies.

The source said by 2010, UEM Land will add 1,000 homes in Cyberjaya and another 1,000 units will come from Cyberview Sdn Bhd, one of four key stakeholders of Cyberjaya besides Setia Haruman, Multimedia Development Corp and Sepang Municipal Council.

Cyberview will launch myHome@Cyberjaya, its first housing project, by August.

The other players in the intelligent city now are Emkay Group and Country Heights, building over 500 apartments collectively.

Emkay Group and UEM Land, which hold 75 per cent and 25 per cent of Setia Haruman respectively, are buying land in the company to jump-start land purchase by other developers, said the source.

Emkay Group had previously bought land from Setia Haruman to develop an IT park, dubbed MKN Embassy TechZone, corporate buildings and affordable housing.

By New Straits Times (by Sharen Kaur)

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