Setia Haruman to focus on purpose-built buildings

SETIA Haruman Sdn Bhd, the master developer of Cyberjaya, will focus on purpose-built buildings to generate recurring income.

Purpose-built buildings are developed according to a prospective tenant's requirement.

Setia Haruman chairman Tan Sri Mustapha Kamal said such types of buildings can be part of a real estate investment fund (REIT) portfolio.

Mustapha was speaking to reporters after a tour of Cyberjaya with Minister of Internationl Trade and Industry (Miti) Datuk Seri Mustapa Mohamed.

Setia Haruman officials also had a meeting with Mustapha to further promote Cyberjaya as an IT hub among world-class companies.

Mustapha said Cyberjaya offices are attractive for investors as they have between seven per cent and eight per cent yield. Average rental there, including service charges, is about RM5.50 per sq ft.

Setia Haruman plans to build more residential, commercial and entertainment units in the coming years for its current 50,000 strong community. There are over 300 firms, including HSBC, Hewlett Packard, Shell and Dell operating in Cyberjaya at the moment.

Over the next five years, 16 major developers will build properties with an estimated gross development value of RM20 billion. A total of RM10 billion worth of projects have been completed.

By Business Times