By BUSINESS TIMES
The property developer may start launching new projects from July this year to add 8.2 million sq ft of office space in Cyberjaya over the next five to seven years.
THE Emkay Group, a property developer owned by Tan Sri Mustapha Kamal Abu Bakar, is providing more office space at Cyberjaya, Selangor, to capture demand at the fast-growing township.
It is building an 11-storey office tower at its NeoCyber integrated development and two office buildings, known as block C and D, at MKN Embassy Techzone, an information technology park.
Techzone is being developed by MKN Embassy Development Sdn Bhd, a 60:40 venture between Emkay Group and Bangalore’s Embassy Group.
The three new buildings will provide 826,000 sq ft of office space in Cyberjaya by early 2010.
“We are targeting for another five million sq ft of office space over the next five years,” Mustapha Kamal said at the launch of block D by chief secretary to the government, Tan Sri Mohd Sidek Hassan.
Since it ventured into Cyberjaya in 2006, Emkay has completed block A and B at Techzone, and Bangunan Mustapha Kamal, providing 692,238 sq ft of office space.
Emkay may start launching new projects from July this year to add 8.2 million sq ft of office space in Cyberjaya over the next five to seven years.
The new projects could be worth a combined RM3.2 billion. They include the phase two of Techzone, which will have six purpose-built office blocks and the extension of NeoCyber.
Emkay’s investment strategy in Cyberjaya is to lease the buildings first and then sell them.
Last year, it sold block A and B, and Bangunan Mustapha Kamal, to Amanah Raya Bhd, a public trustee company wholly-owned by the Minister of Finance Inc, for RM266 million.
Block A and B have been leased for 10 to 15 years to the Public Service Department and the Malaysian Administrative Modernisation and Management Planning Unit (Mampu).
Bangunan Mustapha Kamal has a long-term tenant in the Education Ministry.
Emkay is in the process of selling block C, which may be leased to Pejabat Pengarah Tanah dan Galian, and block D, where it is finalising a deal to lease it to a government agency.
Business Times learnt that Cyberview Sdn Bhd, a government-owned entity responsible for the development of Cyberjaya, may buy block C and D, which are worth around RM200 million in total.