Friday, 18 May 2012 00:25 Karina Foo
EMKAY Group will start on its third phase of mixed property developments in Cyberjaya, estimated at a gross development value (GDV) of RM3.84 billion over the next four years.
These developments will have a total net floor area (NFA) of 5.43 million sq ft. They will comprise 3,259 residential units (GDV of RM934 million), 815 commercial units (GDV of RM1.07 billion), 318 units of office space (GDV of RM1.75 billion) and industrial area for automotive support (GDV of RM88.4 million).
“From 2004 to 2011, we invested over RM1.3 billion in Cyberjaya to develop office space, purpose- built IT buildings, commercial and residential units,” said Emkay Group chairman Tan Sri Mustapha Kamal Abu Bakar at the opening of the group’s Wisma Mustapha Kamal in Cyberjaya yesterday.
Wisma Mustapha Kamal is an 11-storey office building with a total NFA of 262,748 sq ft with one level on the ground floor for office and retail and four levels of parking bays. There are two blocks of six-storey office towers resting on top of the carpark level.
“We hope that this location would be the right choice for tenants, among corporate and multinational companies, to base their operations centre in this building,” said Mustapha.
The launch was officiated by the Sultan of Selangor, Sultan Sharafuddin Idris Shah. Mustapha said Cyberjaya is a central and strategic location that presents immense growth and profitability potential for developers.
“Property prices in Cyberjaya have appreciated by about 30% over the last two years. Investors have enjoyed yields of over 10%, and retail business is thriving in Cyberjaya today,” said Mustapha.
“We are projecting Cyberjaya’s total population to reach some 100,000 by 2016 (almost double its current 54,000). This corresponds with the total property development investments of RM20 billion in this period alone.
With this, the grand total of investments has reached RM32.6 billion from all major developers since 1997.” He anticipates that Cyberjaya’s growing residential population will draw in more developers and increase property investments.
“For 2011, developers invested a total of RM2.4 billion for residential units, out of RM3 billion of total investments.
“The shift in demand has changed the dynamics of Cyberjaya and will soon transform it into a city with a sizeable population. It will not only be known as an intelligent city, but also a liveable city in the near future,” he said.
----- Source: The Malaysian Reserve