Emkay, which has spent more than RM400 million since 2004 from its coffers for developments at the digital city, is planning to construct buildings under a build-and-lease concept and plan custom-made properties for local and foreign firms.
HUGE POTENTIAL: Azman (centre), Mustapha (left) and Jitendra at the signing ceremony
"We may resort to borrowings to finance bigger projects here if we have to. We are planning new housing and commercial projects and will rope in Embassy Group, our Indian partner, in planning them," Mustapha Kamal told Business Times at the official opening of Block A of MKN Embassy TechZone by Ambank Group chairman Tan Sri Azman Hashim in Cyberjaya recently. Also present was Jitendra Virwani, director of Embassy Group of India.
TechZone is a 12ha information technology park comprising four hi-tech buildings worth RM350 million, jointly developed by Emkay and Embassy. Another eight blocks would be added by 2011.
Emkay has 36.4ha in Cyberjaya that it acquired for RM215 million, which would translate to a gross development value exceeding RM5 billion offering 15.3 million sq ft of office space.
Azman, meanwhile, told Business Times that AmBank is happy to support Bumiputera entrepreneurs who are planning large-scale projects that are viable in Cyberjaya.
In developing Cyberjaya, which started in 1997, Azman said it (Cyberjaya) would require more companies like the Emkay Group to push developments forward.
"Emkay is here to fast-track developments. Their partnership with Embassy proves there is still huge potential at Cyberjaya and AmBank would be happy to support them financially not just for future projects, but existing ones as well," Azman said.
Emkay is also building Neo Cyber, Cyberjaya's first integrated development, comprising an 18-storey serviced apartment block, a 10-storey office tower, offices and 15-storey apartment blocks.
By New Straits Times (by Sharen Kaur)
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