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Saturday, August 22, 2009

Local property market to pick up soon: Emkay boss

The Emkay group of companies, controlled by property tycoon Tan Sri Mustapha Kamal Abu Bakar, expects the local property market to pick up soon, judging by the response to its recently launched condominium block in Damansara Perdana, Selangor.

"A private investor bought Block C of the Armanee Terrace condominium development, which features 178 units. This showed that investors have confidence in the Malaysian property market. The market is good with funding available," Mustapha Kamal said after launching Wan's Avenue at Neo Damansara in Damansara Perdana yesterday.

"Sales of (properties by) Emkay and (associate firm) MK Land Holdings Bhd has been rising and we will continue to focus on projects such as Neo Damansara, Rafflesia, Armanee and Central Square."

Mustapha Kamal also said the group will sign an agreement with a university in two weeks to lease 2,000 units of its condominiums to undergraduates.

Meanwhile, Emkay has no plans to buy new land to beef up its landbank but would sell its own land, of which proceeds will be used to develop and finance its own land at another strategic locations to hasten its own speed of development.

"We can develop our landbank either on our own or on a joint venture basis," said Mustapha Kamal.

The group owns some 2,868ha of land in the country, while MK Land holds another 3,239ha, which will keep the group busy for the next 10 years.

Meanwhile, Neo Damansara is the first commercial project by Paradigma Intan Sdn Bhd, a subsidiary of MKN Group Sdn Bhd.

Spanning 3ha, Neo Damansara has a total gross development value of RM587 million and features 1,087 units of shop offices, show rooms, an office tower and a food and beverage plaza. The development is due for completion in 2013.

Neo Damansara is divided into three phases, with Wan's Avenue being Phase One. Already, all 84 units of its shop offices have been sold out.

Phase One also sees the construction of a 12-storey building, comprising 84 units of shop offices, penthouse suites, office suites and retail shops.

By Business Times (by Zaidi Isham Ismail)

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