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Emkay to build affordable homes

January 15, 2013

Property developer Emkay Group is entering the market for affordable homes aimed at middle-income earners and expects to formally announce a project in Cyberjaya within weeks.

By Kamalavacini Ramanathan

KUALA LUMPUR: Property developer Emkay Group is entering the market for affordable homes aimed at middle-income earners and expects to formally announce a project in Cyberjaya within weeks.

Its chairman Tan Sri Mustapha Kamal Abu Bakar said the company is looking at a possible gross development value (GDV) of RM500 million of urban homes that will be within reach of the middle class, complete with infrastructure and social amenities. “Emkay is sensitive to the needs of society. Our concept will be totally different from other property developers.

“Usually, property developers will build houses and sell. That’s all. But Emkay is committed to build other necessities such as mosque, dialysis centre and also a cemetery. We see the future,” he said.

Mustapha said the affordable homes project is part of an ongoing effort at Emkay. The project, which is separate from the government’s 1Malaysia people’s housing programme or PR1MA, is also part of the group’s plan to create a Malaysian Silicon Valley at Cyberjaya by 2020.

He said construction on some 3,700 homes will begin by the secondquarter (2Q) of the year with a price tag from RM120,000 each.

He was speaking after briefing former Prime Minister Tun Dr Mahathir Mohamad and wife Tun Dr Siti Hasmah on Cyberjaya’s development yesterday.

Mustapha said Emkay has built some 23,000 affordable homes, representing a development value of RM1.37 billion, in Petaling Jaya and Bukit Beruntung.

During his visit, Dr Mahathir was briefed on the progress of the central business district (CBD) being built in Cyberjaya by a unit of Emkay, Setia Haruman Sdn Bhd.

Setia Haruman general manager Liew Yeon Keong said 15% of the construction works of phase 1 of the CBD, known as CBD Perdana 3, has been completed. Phase 1 comprises a shopping mall, retail corporate suites, shop lots and a small office/home office (Soho) tower, which is expected to be completed by 2015.

Liew said two blocks of the retail suites around the shopping mall are 80% sold. There will be a 24-storey Soho tower located above its four-storey retail mall and a five-storey carpark, which will be open for sale in the 1Q of this year.

The design, theme and concept, which are integral factors of CBD Perdana 3, are geared towards the current needs of property users.

With an expected GDV of RM1 billion, CBD Perdana 3, a three-phase project of integrated retail hub cum commercial development, is expected for completion by 2017.

It was initiated following the success of CBD Perdana 1 and CBD Perdana 2 developments. CBD Perdana 1 comprises 124 parcels within 32 lots of three- and five-storey shop offices with a GDV of RM93 million, while CBD Perdana 2 encompasses 256 parcels in 56 lots of four- and five-storey retail/ offices with a GDV of RM210 million.

Setia Haruman is the master developer of Cyberjaya entrusted with designing, planning and developing the 7,000-acre (2,833ha) landbank in Cyberjaya. Emkay owns 75% of Setia Haruman while the remaining 25% is held by UEM Land Bhd.

This content is provided by FMT content partner The Malaysian Reserve.


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