CYBERJAYA (Sept 21): Cyberjaya needs better public transport to compete with more established cities like Petaling Jaya.
"Access to light rail transit (LRT) would definitely spur the growth of Cyberjaya. Of course, we have the express rail link (ERL) that provides transport to workers from Kuala Lumpur to Cyberjaya, but we need better alternatives," Nazri Tumin, assistant general manager of business, corporate communications and planning at Cyberview Sdn Bhd, said at a press conference on Sept 12 for the Cyberjaya Premier Property Showcase to be held this weekend.
Cyberview is the landowner of Cyberjaya. The showcase is jointly organised by seven property developers with projects in Cyberjaya — MCT Consortium Bhd, Setia Haruman Sdn Bhd, Emkay Group, Mah Sing Group Bhd, Cyberview, UEM Land Holdings Bhd and Glomac Bhd.
The developers said they hope Budget 2013 will provide measures to improve the public transport system in Cyberjaya.
"Emkay Group has developed office and commercial products here and tenants have expressed concern over the lack of public transport," said Mazrita Mazlan, COO of Emkay Group.
"We hope Cyberjaya can be more accessible in terms of public transport."
The developers also want easier home financing as the current loan-to-value ratio for third home financing has affected buyers and investors.
"The property market is still very healthy... A lot of people want to buy houses, and assistance in terms of being able to achieve a good financing rate and better margins would definitely help," said Siti Mariam Mohd Desa, chief marketing officer of UEM Land.
CK Lao, COO of Setia Haruman, the master developer of Cyberjaya, said the government should consider relaxing financing constraints for investors. He said there are 16 developers currently active in Cyberjaya.
Teh Heng Chong, COO of Mah Sing, meanwhile, said the government should not attempt to cool the property market further, especially if it wants to raise interest from foreign investors.
"There was talk of looking at restructuring the real property gains tax (RPGT). So far, Malaysia has been quite attractive for locals and foreigners to invest in [real estate].
"I hope they don't continue increasing the mechanisms that may dampen the property sector.
"If we over-control it, it will definitely affect the industry. It is very important for the property market to grow to spearhead the overall economy as property is one of the most important sectors in Malaysia," said Teh.
Cyberjaya is located between Kuala Lumpur and the Kuala Lumpur International Airport. It spans 6,960 acres, but only 53% (3,645 acres) is saleable. Currently, 65% of the 3,645 acres has been sold and 27% of that land has been developed with another 21% under construction.
According to Nazri, 25% of the land is still available for sale. The residential land has all been taken up and there are only a few plots of enterprise land left.
"We have quite a number of transactions going on now," he said. "We also have quite a few leads in the pipeline."
Cyberview is presently evaluating a partner to develop affordable housing utilising its own landbank. An announcement will be made in the near future.
The Cyberjaya Premier Property Showcase is to take place on Saturday and Sunday at the Cyberview Resort & Spa.
The showcase will feature no fewer than 20 products such as Symphony Hills by UEM Land, Garden Residence by Mah Sing, Autoville @ Cyberjaya by Emkay, Gardenview Residence by Setia Haruman, Cyberview Tower 12 & 12A by Cyberview and Glomac Cyberjaya 2 by Glomac.
The projects on sale have a combined gross development value (GDV) of RM10.25 billion.
There will be hourly guided tours of Cyberjaya and property talks by Ho Chin Soon on Cyberjaya's potential and by several developers such as MCT, S P Setia and Cyberview.
UOB is the sponsor and financial partner in the showcase offering various end-financing options to interested consumers.
This story appeared in The Edge Financial Daily on Sept 21, 2012.