PETALING JAYA: Emkay Group plans to develop in Damansara Perdana a project on a 9.2ha site which will offer four million sq ft of built-up space.
Chairman Tan Sri Mustapha Kamal Abu Bakar said the plan was now awaiting approval from the authorities.
“I can’t give much details at this moment but the development will focus on commercial properties that involve corporate offices,” he said yesterday after the launch of WAN’s Avenue @ Neo Damansara in Damansara Perdana.
Mustapha said the company also planned to sell some of its land as it had about 3,200ha.
“We may sell or enter into a joint venture with other companies to develop our land-bank as it is too big,” he said, adding that the property outlook was improving based on the sales performance of its listed company, MK Land Holdings Bhd.
“An investor had just bought 178 units of Block C at our Armanee Terrace condominiums. This is a big sign that the property market sentiment is picking up again. Our focus now will be on our core products, which consist of The Rafflesia, Armanee Terrace condominiums and Metropolitan Square at Damansara Perdana, to enhance our profit,” he said.
Neo Damansara, with a gross development value (GDV) of RM587mil, is divided into three phases and is scheduled for completion in 2013.
Situated on 3.04ha, the first phase – WAN’s Avenue – with a GDV of RM100mil, has already been sold and handed over to the buyers.
Phase two will consist of one tower block of 374 serviced apartments with an estimated GDV of RM270mil, while the final phase will see a corporate office tower and an eight-storey building with a GDV of RM177mil.
Paradigma Intan Sdn Bhd, a subsidiary of Emkay, is the developer and this is its first project.