Emkay to build RM4.3b Cyberjaya projects from 2010

EMKAY Group, controlled by developer Tan Sri Mustapha Kamal Abu Bakar, plans to build RM4.3 billion worth of properties in Cyberjaya, Selangor, from 2010.

The future developments will add another 10 million sq ft of office space in Cyberjaya in several years, Mustapha Kamal said.

"The group is now looking at buying some 70 acres of prime land for that purpose," he said after a ceremony to mark the construction of an 11-storey office building at its NeoCyber project in Cyberjaya on Saturday.

The Emkay group is helping to develop Cyberjaya through major projects such as NeoCyber and MKN EmbassyTechzone.
The latter's development is a 60:40 joint venture with India's Embassy Group.

Until then, Emkay will first build eight office towers at MKN Embassy Techzone next year.

The office buildings will boast a gross development value of RM800 million, covering an office space of two million sq ft. It had bought 20 acres for the project.

State-owned Amanah Raya Bhd recently bought three completed office buildings at MKN Embassy Techzone development for a combined RM266 million.

Emkay has so far completed projects totalling RM291 million and an office space of 700,000 sq ft in Cyberjaya.

By 2011, it will have provided a total 3.5 million sq ft of office space.

On whether the looming economic recession would hamper the group's development plans, he said: "We have successfully gone through two recessions before. With this experience, God willing, we are confident that our future projects will go on as planned."

Meanwhile, Emkay has built 272 residential units and 205 shop offices at NeoCyber.

Being built in four phases since 2007, the development is into its third phase, which started last month and slated for completion by June 2010.

By Business Times (by Zuraimi Abdullah)