Property player confident of IT business park’s appeal

By BUSINESS TIMES

TAN Sri Mustapha Kamal, a well-known property player and a key figure in the development of Cyberjaya, is confident that the intelligent city’s upcoming information technology (IT) business park will attract many multinational and local companies.

The park, known as the MKN-Embassy Techzone, is a joint venture between Mustapha’s Emkay Group and India’s Embassy Group. Emkay holds a 60 per cent stake in the project.

The first phase of the park will comprise two blocks of buildings, each offering 250,000 sq ft of office space on a 4ha site.

The first block is expected to be completed in January 2008 and the second in April.

Mustapha said several multinationals have already shown interest in taking up office space.

“We are in the midst of talking, so I cannot disclose (the parties) as yet,” he told reporters after a working visit by Second Finance Minister Tan Sri Nor Mohamed Yakcop to the Techzone yesterday.

Embassy Group, which specialises in developing ICT parks, is the largest owner of office space in Bangalore with heavyweight tenants such as IBM, Fidelity Investments, Yahoo and LG Soft.

MKN Embassy Development Sdn Bhd, the joint-venture company undertaking the project, hopes to entice some of these companies to come to Cyberjaya.

“People are not aware of Malaysia, so we need to basically explain to them what this is. When they see a development like this, it’s a complete eye-opener,” Embassy’s chief executive officer Gopi Krishnan said.

The first phase of the project is expected to cost over RM300 million, said Mustapha.

Mustapha, who is the executive chairman of property developer MK Land Holdings Bhd, is also the chairman and major shareholder of Cyberjaya’s master developer, Setia Haruman Sdn Bhd.

According to him, Cyberjaya – which was launched exactly 10 years ago yesterday – is currently going through its second wave of development, which involves creating awareness of the area among local and foreign investors.

While the first 10 years saw world-class infrastructure and facilities being put in place, the next five years will see the city being properly marketed to investors, including government-linked companies, he said.

“The second wave is the awareness programme which we are now proceeding with to entice them to come here because there is tremendous potential,” he remarked.

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