The Emkay Group of Companies will be spending RM142.9 billion for its second phase of commercial property development in Cyberjaya. The group has identified various areas to construct buildings for the IT industry, according to group chairman Tan Sri Mustapha Kamal Abu Bakar.

According to the company, it has bought RM72.3 million worth of land for the first phase of their development there, which has resulted in gross development value of RM725 million.

The first phase of development consists of four main commercial property projects – the NeoCyber, MKN Embassy Techzone, the Mustapha Kamal building and the Lucky Cottage. NeoCyber’s intial phase, consisting of shop lots, had been fully taken up and the second phase was 90% sold. The NeoCyber third and fourth phases are scheduled to start early next year and are expected to finish by 2010.