Cyberview Sdn Bhd and Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) signed a mutual agreement on 10 April 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, as reported by The Edge.
The agreement allows for an MRT station and related structures to be built on land owned by Cyberview within the development without the need for land acquisition. It is also the first agreement signed for a development project under the Selangor State’s Public Infrastructure Oriented Development (PIOD) policy introduced in 2017.
“The Co-Existence Development Model that we are embarking on with MRT Corp eliminates the need for costly acquisitions and allows Cyberview to focus on building the city centre as a transit-oriented development (TOD), thereby maximising its value and eventual offerings,” said Najib Ibrahim, managing director of Cyberview Sdn Bhd.
MRT Corp Chief Executive Officer Encik Abdul Yazid Kassim said that this win-win arrangement will lower the overall cost of the project, while the TOD that will be developed around the station will also ensure good ridership for the MRT in the future, thus boosting revenue for the operator.
Cyberjaya City Centre is developed by CSB Development Sdn Bhd, a joint venture between Cyberview and MRCB Land Sdn Bhd.
The 141-acre project will comprise commercial blocks, integrated lifestyle and retail offerings, serviced residential complexes and Grade A Offices within its first phase, which covers an area of 53 acres. Construction of phase one began in 2016 and is estimated to contribute RM5.3 billion of the total RM10 billion gross development value. — Construction+ Online