Emkay Land Property Trust In The Works
THE Emkay Group of companies, controlled by developer Tan Sri Mustapha Kamal Abu Bakar, said its plans to set up a commercial property trust could take two years to materialise. Chief operating officer Peter Teh Heng Poh said the real estate investment trust (REIT) is still in the idea conception stage, but it is targeting to have at least 500,000 sq ft of net lettable area in the trust. “Based on the buildings that we have, the size is already there. We are working on other details,” he told Business Times in an interview in Damansara Perdana yesterday. The REIT will likely be listed on the local bourse and will own mainly the Emkay Group’s properties in Cyberjaya as well as in Damansara initially. Among assets to be sold into the trust is the four-storey Bangunan Mustapha Kamal in Cyberjaya, which has 121,500 sq ft of lettable area. The building has been completed and the group is in negotiations with potential tenants, Teh said. In Damansara Perdana, the 21-storey Menara Mustapha Ka...