3 April, KUALA LUMPUR – Cyberjaya’s Tech Hub Enabler, Cyberview Sdn Bhd and Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) today signed a mutual agreement to enable the construction of a Mass Rapid Transit (MRT) station for the MRT Sungai Buloh–Serdang–Putrajaya (SSP) Line in the Cyberjaya City Centre.
This is the first agreement signed for a development project under the Selangor State’s Public Infrastructure Oriented Development (PIOD) policy that was introduced in 2017. The agreement, which was signed at MRT Corp’s Corporate Headquarters, allows for an MRT station and related structures to be built on land owned by Cyberview within the Cyberjaya City Centre development without the need for land acquisition. This co-existence between a land owner and public infrastructure mutually benefits both parties by significantly reducing the public infrastructure cost, while the new development enjoys seamless integration with a modern, efficient, reliable and environmentally friendly public transport system.
“Connectivity is a significant element for successful cities today. We are confident that the MRT station located within Cyberjaya City Centre will address many of the future needs of the communities here and encourage social and economic opportunities and growth for Cyberjaya. The Co-Existence Development Model that we are embarking on with MRT Corp eliminates the need for costly acquisition and allows Cyberview to focus on building the city centre as a transit-oriented development (TOD), thereby maximizing its value and eventual offerings,” said Najib Ibrahim, Managing Director of Cyberview Sdn Bhd.
Cyberjaya City Centre is a development by CSB Development Sdn Bhd, a joint venture company between Cyberview Sdn Bhd and MRCB Land Sdn Bhd. Positioned as a catalytic project for Cyberjaya, it will play a key role in attracting the best talents, business and investments in the tech sector as well as synergistic partnerships with investors around the world. MRCB Land, wholly-owned by MRCB, is a leading property developer that pioneered TOD in Malaysia and built the iconic RM18 billion KL Sentral CBD.
MRT Corp Chief Executive Officer Encik Abdul Yazid Kassim said such co-existence arrangements between township developments and the MRT will allow for greater numbers of people to have access to efficient public transport.
“Providing efficient and reliable mobility to as many people as possible is a fundamental objective for developing public transport. As such, MRT Corp will always be supportive of such mutual agreements for co-existence for TODs,” he said.
Abdul Yazid added that not only did this arrangement benefit the MRT project by lowering the overall cost of the project, the TOD that will be developed around the station will also ensure good ridership for the MRT in the future, and thus boosting revenue for the operator.
The 141 -acre project will comprise of commercial blocks, an integrated lifestyle and retail offerings, serviced residential complexes and Grade A Offices within its phase one which covers an area of 53 acres. The construction of phase one began in 2016 and is estimated to contribute RM5.3 billion from a total of RM10 billion in gross development value.
“Cyberjaya City Centre is one of our key initiatives in positioning Cyberjaya as the nucleus for MSC and a catalyst in driving forward the development of technology and innovation in Malaysia. However, our vision to build this innovation ecosystem in Cyberjaya cannot be accomplished single-handedly, it requires synergistic partnerships with our fellow industry players and partners to move forward and progress. We are thankful to MRT Corp for their hand in building this vision and we look forward to future opportunities together,” added Najib Ibrahim.