Emkay Group plans RM3.8b developments in Cyberjaya

CYBERJAYA (Feb 28): The Emkay Group plans to develop properties with a gross development value (GDV) of RM3.8 billion here, namely some 3.1 million sq ft in office space; 3,250 units of residential properties; 856 commercial units; and a light industrial area for automotive support services.

These new properties are expected to be developed from 2012 to 2016, Emkay Group chairman Tan Sri Mustapha Kamal said at a press briefing here on Tuesday.

The new developments will take place on 112.4 acres of freehold land, and they will be undertaken by two subsidiaries — Laketown Sdn Bhd, and Pradigma Intan Sdn Bhd — and two associate companies — MK Embassy Land Sdn Bhd, and Joyful Star Sdn Bhd.

First up is subsidiary Joyful Star's 18 acre Star Central mixed-development project,  comprising 859,118 sq ft of office space; 814 units of shops; and 1,900 residential units.

The first phase — which is scheduled to launch in May — will comprise 8-storey semi-detached buildings with built-up areas from 17,000 sq ft to 20,000 sq ft, and will be priced tentatively around RM580 psf.

"We are still deciding whether to sell it either on an en bloc basis or per floor. The buildings will come with strata titles. We are looking at those existing tenants in office blocks (from around the Klang Valley) who want to move into their own building; they will have the opportunity to name the building," said Joyful Star Sdn Bhd CEO Peter Teh.

In the third quarter (3Q), the company plans to launch its SoHos, with built-up areas of around 550 sq ft and prices at over RM500 psf, he added.

Meanwhile, Emkay Group will also develop a light industrial area known as Autoville Cyberjaya on a 10.03-acre tract along Persiaran Multimedia. The project will comprise 41 units, of which 16 are semi-detached units with built-up areas of 6,500 to 7,000 sq ft; 12 are 1-storey terraced units; while 10 units are 2-storey terraced types.

The indicative selling price of the detached units are over RM6.5 million; the semi-detached factories will be priced around RM3.6 million to RM4 million; and the 2-storey terraced units will be priced at over RM1.5 million.

The project will have a GDV of RM90 million, and will be developed by Paradigma Intan.

Mustapha added that the group is also looking at embarking on the Projek Perumahan Rakyat 1Malaysia (PR1MA) scheme as part of its new developments in Cyberjaya. He said the group had previously invested RM1.3 billion in building 1.9 million sq ft of office space, 214 commercial units and 452 residential properties.

On another note, the group plans to increase its portfolio of office buildings that generate recurring income to seven, up from two that it currently owns.

According to Mustapha, the group's current revenue-generating buildings are Menara Mustapha Kamal in Damansara Perdana and Wisma Emkay in Cyberjaya.

A third building is being developed somewhere in Kuala Lumpur with an estimated GDV of RM200 million, he said.