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Wednesday, February 29, 2012

Emkay banking on RM3.8bil Cyberjaya project

More to come: Emkay group chairman Tan Sri Mustapha Kamal Abu Bakar gesturing during the media briefing on a five-year plan by the group to further develop mixed property projects in Cyberjaya.

CYBERJAYA: Property developer Emkay Group is embarking on a five-year plan to further develop mixed property projects in Cyberjaya.

Chairman Tan Sri Mustapha Kamal Abu Bakar said the plan, to run from 2012-2016, would see an additional 3.1 million sq ft of office space development.

There will also be 3,250 units of various types of residential units, 856 of commercial units and a light industrial area for automotive support service.

“The total gross development value for this period of development will be about RM3.8bil,” he said yesterday at a media briefing.

Mustapha said the group's commitment to pump in more investments in Cyberjaya showed its commitment and confidence in Cyberjaya's progress of development.

“Together with other notable stakeholders, we have managed to position Cyberjaya appropriately in tandem with our Government's aspiration towards the realisation of Malaysia's first intelligent city,” he said.

Emkay Group had invested some RM1.3bil from 2006 to 2011 in developing office, commercial and residential units.

The projects provide a total net floor area of 1.9 million sq ft of office space, 214 commercial units and 452 residential units.

Mustapha said the group made a profit of RM213mil from the RM1.3bil invested from 2006 until 2011.

Emkay's development of residential units will see an increase of seven times with its plan to build another 3,250 units in the next five years compared with only 452 units built between 2006 and 2011.

“It is anticipated that an additional 7,488 residential units will be offered in the near future, which is capable of housing some 32,000 residents,” he said.

He added that the increase in supply of residential property in Cyberjaya would further boost the development of Cyberjaya as a liveable city.

Mustapha also said the group planned to build affordable homes in Cyberjaya under Projek Perumahan Rakyat 1Malaysia (PRIMA) after being given the nod by the Perak state government to build affordable homes under PRIMA in the state.

By The Star

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