Joyful Star in RM26 mil sale to Kabaz

CYBERJAYA (May 15): Joyful Star Sdn Bhd, a subsidiary of Emkay Group Bhd, will sell part of its Star Central development in Cyberjaya to Kabaz Sdn Bhd for RM26 million. 

“This is one of the biggest investments Kabaz has done. The acquisition of these office towers from Emkay will add value to our business expansion,” said Kabaz executive chairman, Datuk Kusyairie Amir Ahmad Zahidi during the signing ceremony of the memorandum of understanding with Emkay Group today.

The first phase of the Star Central development, Corporate Park, sits on 7.56 acres of freehold land. It comprises three sub-phases, 1A, 1B and 1C. The pending sale of the first two sub-phases amounts to a 70% take-up of the project.

Once completed, Star Central will have 36 eight-storey office blocks, of which 34 will be semi-detached, and two will be stand-alone buildings. Kabaz is purchasing 24 semidees and one stand-alone building. 

The built-up of the office towers is between 17,999 sq ft and 43,928 sq ft. Selling prices start at RM680 psf.

Phases 1A and 1B of Star Central will be completed in April next year, and Phase 1C in 2017. The gross development value of Star Central is RM420 million.  

“We’re very happy that Kabaz has confidence in Emkay Group and will be purchasing office towers in Star Central. [Kabaz] believes in their potential to enhance the businesses of small and medium enterprises,” said Emkay Group executive director Ahmad Khalif Tan Sri Mustapha Kamal.

“Cyberjaya has several key growth areas, namely the extension of MRT Line 2 and possible station for High-Speed Rail [link between Singapore and Malaysia], which will boost property prices when completed,” said Ahmad Khalif.

Joyful Star foresees small and medium enterprises benefiting from the exclusivity of their names on each building. The low-density environment and landscaped garden will also help the office towers strike a presence in Cyberjaya.

Emkay Group’s other newly launched development in Cyberjaya is Radius Business Park, comprising 120 strata shop offices. It is part of a 50-acre mixed-use development. 

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