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Tuesday, December 8, 2009

Emkay secures RM120m loan for green project in Cyberjaya

The Emkay group of companies, controlled by property tycoon Tan Sri Mustapha Kamal Abu Bakar, has secured a RM120 million loan from RHB Islamic Bank Bhd to finance its green development project in Cyberjaya, Selangor.

The deal, entered via Joyful Gateway Sdn Bhd - a joint venture company between MKN Embassy Development Sdn Bhd and partner Lucky Cottage Sdn Bhd, is for the construction of the Shell Shared Service Centre.

MKN Embassy is a 60:40 partnership between Emkay Group and Bangalore's Embassy Group.

The project, financed through RHB Islamic's Istisna Ijarah term financing is expected to be completed by early 2011.

Total estimated construction and related cost of the new building is RM151.4 million, which houses five levels of office space and three levels of sub-basement parking lots.
It will be the first in Malaysia to have the Leadership in Energy and Environment Design (LEED) gold certification. It will also be the first green building for Cyberjaya.

LEED is a US-standard green rating given by the US Green Building Council.

Speaking at the signing ceremony in Cyberjaya yesterday, RHB Banking group managing director Datuk Tajuddin Atan said RHB Islamic recognises the potential of green technology in reviving the state of the economy and the environment.

"We are delighted to be part of this green project. With Joyful Gateway's support from its parent company, Emkay Group, and the global presence of the Shell Group, we are optimistic this project will be a success," he said.

The agreement was witnessed by former prime minister Tun Dr Mahathir Mohamad, Mustapha Kamal and Embassy Group of India chairman Jitendra Mohandas Zirwani.

Shell Shared Service Centre Sdn Bhd will lease the building with 323,000 sq ft of office space for 10 years, with the option to extend another five years starting 2011.

The new centre will enable Shell to centralise its businesses and service centres in the Klang Valley to only two premises from the current 10 locations.

Its other centre will be located at the Kuala Lumpur Sentral in Brickfields, which is set to be ready by late 2012.

By Business Times (by Azlan Abu Bakar)

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