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Friday, June 1, 2012

Setia Haruman to invest RM2.5b in Cyberjaya mixed residential project

Media briefing by Setia Haruman Sdn Bhd Chairman Tan Sri Datuk Haji Mustapha Kamal bin Haji Abu Bakar. From Left to Right: Tan Sri Datuk Haji Mustapha Kamal bin Haji Abu Bakar, COO C.K. Lao and Head of Business Development Pipah Mohd Nasir. - THE STAR/Low Lay Phon.

CYBERJAYA: Master Developer of Cyberjaya, Setia Haruman Sdn Bhd, is investing RM2.5 billion over the next five years to develop four mixed residential projects in Cyberjaya, dubbed an “Intelligent City”.

Chairman Tan Sri Mustapha Kamal Abu Bakar said the projects, namely CBD Perdana 3 and 5, APEX Residence and a proposed mixed residential development will be riding on the “New Wave” development of Cyberjaya.

Setia Haruman would also build infrastructures such as roads and drains, water reservoirs, drainage systems, sewage treatment plants and fibre optics to service and support the “New Wave” development till 2016.

The projects gross development value is about 30 per cent more than the amount invested, he told a media briefing.

Mustapha said over the last three years, 16 major developers had acquired large tracts of land for residential, commercial and institutional developments.

The concurrent investment and involvement of these developers have created a “New Wave” in Cyberjaya, resulting in a residential and commercial boom.

This “New Wave” is expected to continue over the next five years, with the population to double to 100,000.

“Property prices in this city has appreciated by 30 per cent over the last two years and early investors have enjoyed substantial gains.

“With the many developments being undertaken by various developers, we expect Cyberjaya to be transformed from a development hotspot into a vibrant city of the future,” he said.

Currently, the ongoing and upcoming accumulative investments in Cyberjaya by 16 developers is about RM20.6 billion.

By Bernama

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