Emkay Group targets RM1b in property sales

KUALA LUMPUR: Property developer Emkay Group, founded by Tan Sri Mustapha Kamal Abu Bakar, is expected to rake in RM1 billion in property sale transactions this year, driven by new launches and new phases of ongoing projects, said its chief operating officer Mazrita Mazlan.

She said the group has achieved 40% of the sales target, and has plans to launch affordable homes in the third quarter of this year.

Mazrita said the group is also looking at a total gross development value (GDV) of over RM4 billion to be realised over the next three to five years.

“At the moment, we have over 200 acres (80.94ha) of landbank in Cyberjaya, and we have earmarked more pieces of land [to acquire],” she added.

Emkay Group chief executive officer Ahmad Khalif Mustapha Kamal said local developers were affected by the recent measures introduced by Bank Negara Malaysia to cool the property market, as reflected in its latest quarterly financial results which came in below expectations.

“[While] these measures are needed for Malaysia, we [Emkay Group] have to make sure we stay relevant and make the sales happen,” he told a press conference after the signing of a memorandum of understanding (MoU) between the group and Unit Peneraju Agenda Bumiputera (Teraju) yesterday.

Ahmad Khalif said the group has several projects in the pipeline over the next 1½ years, including the proposed Radius Cyberjaya business park, which was launched yesterday, and an affordable housing project in Cyberjaya, Selangor. Under the MoU between Emkay Group and Teraju, the two will jointly develop projects worth up to RM2 billion in GDV in Cyberjaya over the next five years.


This article first appeared in The Edge Financial Daily, on June 18, 2014.