MRCB and Cyberview sign deal to develop Cyberjaya City Centre

CYBERJAYA (Oct 28): Malaysian Resources Corporation Berhad (MRCB)’s property arm, MRCB Land and Cyberview Sdn Bhd (Cyberview) have signed a 70:30 joint-venture agreement for the development of Cyberjaya City Centre (CCC) today.

The project sits on a 140-acre freehold land parcel and has an estimated gross development value (GDV) of RM8 to 10 billion. CCC will be developed over the next 15 to 20 years.

The project’s first phase is a 150,000 to 200,000 sq ft convention centre for firms in technology-related businesses, said MRCB Land executive director Imran Salim at a recent press conference.

The second phase of the project will span 53.38 acres, construction of which begins in the first half of next year. It has a GDV of RM 5.35 billion.

The inspiration for the convention centre is Fira Barcelona, the Catalan city’s trade fair institution, said Cyberview managing director Faris Yahaya.

“We do not want the public to compare us with convention centres such as Putrajaya International Convention Centre or Kuala Lumpur Convention Centre. We are not competing with the big boys. Our convention centre [affordably] caters to small businesses and big multinational firms, Faris added.

“We are not focusing on embellishment or wood cravings, but the space and practicality of the centre,” said Imran.

The first phase of CCC will comprise the convention centre, a 300 to 400-room business hotel, retail lots and offices.

“Our target market for the office lots would be multinational corporations and small-medium enterprises,” said Imran.

The construction of the offices will be adjusted in tandem with market needs and economic trends.

“The retail centre will comprise mostly food and beverages lots to cater for the hotel and the convention centre,” said Imran.

“Residences will be constructed during the [project’s] later phases, and will comprise lower-medium, medium and high-end products. There will be affordable housing development as well, as part of the statutory requirement,” Imran added.

With this project, MRCB’s total GDV stands at between RM35 billion and RM40 billion, which will last the group for the next 20 years, said Imran.

“The public used to think of Cyberjaya as being very far away. With the future MRT line and various connectivity options such as the Maju Expressway that cuts the commute from KLCC to Cyberjaya to 25 minutes, this will be a game changer for the city here,”said Yahaya.

“We are looking at a population of 80,000 in Cyberjaya as of now, and it will only continue to grow from here. Cyberjaya can house about 400,000 people. We are expecting a population of close to 100,000 by end of 2016,” said Faris.

Currently, 60% of available land in Cyberjaya has been developed, said Faris.

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