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Saturday, June 2, 2012

Cyberjaya developer to pump RM2.5bil

Mustapha says Cyberjaya has become a development hotspot.

PETALING JAYA: The master developer for Cyberjaya, Setia Haruman Sdn Bhd, is set to pump a whopping RM2.5bil over the next five years to develop four projects and construct additional infrastructure for the area.

Called Cyberjaya’s “new wave”, chairman Tan Sri Mustapha Kamal Abu Bakar said that the projects were namely CBD Perdana 3 & 5, APEX Residence and a proposed mixed residential development.

About RM2.1bil will be used to develop the projects, while RM400mil has been allocated for the construction of infrastructure such as roads and drains, water reservoir drainage systems, sewage treatment plants and fibre optic.

Setia Haruman is 75% owned by Emkay Group, with the balance held by UEM Land Bhd. It is entrusted with designing, planning and developing about 2,830ha in Cyberjaya.

Mustapha said Cyberjaya had become a development hotspot with many property developers seeing potential to cater to working adults and students in the area.

“Over the last three years, 16 major developers have acquired large tracts of land for residential, commercial and institutional developments. This has resulted in Cyberjaya experiencing a residential and commercial boom,” he said.

Setia Haruman chief operating officer Lao Chok Keang said the company expected to fund the projects with internal funds.

“We have a facility of about RM200mil, and the gross development value of the projects would be 20% to 30% higher than our investment,” he said.

Since 2009, other developers like Mah Sing, SP Setia, OSK and Glomac began buying large parcels of land in the area, and there now are 16 developers building their projects concurrently in Cyberjaya.

The ongoing and upcoming cumulative investments amount to about RM20.6bil and are projected to reach RM52.6bil by 2016.

Cyberjaya now has about 11.1 million sq ft of completed offices, 263 shops, 3,200 completed residential units, four schools, and five universities and colleges.

Setia Haruman projects completed office space would reach 18 million sq ft by 2016, along with 1,200 shops, 14,000 residential units, seven schools, and eight universities and colleges.

Owing to the current ongoing projects, the company expects the town’s population to double to 100,000 by 2016.

Many multinational companies like HSBC, Huawei, Dell and IBM, among others, call Cyberjaya their home, with offices and staff based in Malaysia to support their regional business presence.

By The Star

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