A top indian property developer has made tracks into the country and made Cyberjaya in Selangor its first stop.
The Embassy Group of Bangalore purchased a 10-acre site near the up-and-coming KL-Putrajaya Dedicated Highway at the end of last year for RM20 million (or RM46psf) via a joint venture company MKN Embassy Development Sdn Bhd.
Upon it, work is underway to complete two office blocks, each with 250,000sq ft of space, by the end of this year.
it is understood that the premised will be occupied largely by the IT-related businesses currently renting premises the Embassy Group has built in Bangalore and who now want to blaze an expansion trail into Southeast Asia.
Over the past two decades, Embassy has built for lease over 11 million square feet of residential and commercial space in one of india's most popular IT cities.
According to Cyberjaya developer, Setia Haruman Sdn Bhd, "if the project is successful, Embassy will purchase an additional 20 acres to build more space".
"The construction of the two office blocks in the first 10 acres will involve some RM100 million," said its chief operating officer Lao Chok Keang.
Setia Haruman is controlled by the Emkay group, which also controls MKE group Sdn Bhd. The latter owns 60 per cent of the MKN-Embassy joint venture.
Last week, MKN subsidiary Laketown Sdn Bhd engaged property consultancy Henry Butcher Malaysia Sdn Bhd to lease and manage another of its ventures in Cyberjaya, the RM300 million NeoCyber project comprising shop-offices and serviced apartments on a 20-acre site.
When completed, this project will also provide student accommodation for the Cyberjaya University College of Medical Science.