MUTUAL AGREEMENT SEALED FOR CO-EXISTENCE OF TOD
BY Zoe Phoon
Cyberjaya’s tech hub enabler Cyberview Sdn Bhd and Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) have 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 Cyberjaya City Centre.
This is the first agreement signed for a development project under Selangor’s Public Infrastructure Oriented Development (PIOD) policy introduced in 2017. The agreement 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,” said Cyberview managing director Najib Ibrahim.
He said the co-existence development model eliminates the need for costly land acquisition and allows Cyberview to focus on building the city centre as a transit-oriented development (TOD), thereby maximising its value and eventual offerings.
Cyberjaya City Centre is a development by CSB Development Sdn Bhd, a joint venture company between Cyberview 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 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.
Yazid said 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.
Not only did this arrangement benefit the MRT project by lowering the overall project cost, 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, he added.
The 141-acre project will comprise commercial blocks, 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.
Najib said Cyberjaya City Centre is one of Cyberview’s key initiatives in positioning Cyberjaya as the nucleus for the Multimedia Super Corridor (MSC) and a catalyst in driving forward the development of technology and innovation in Malaysia.
He said its vision to build this innovation ecosystem in Cyberjaya cannot be accomplished single-handedly, adding it requires synergistic partnerships with fellow industry players and partners to move forward and progress.
Cyberview has been at the forefront of Malaysia’s development as a technological hub since its inception in 1996. Starting out as the developer of Cyberjaya, it has since grown until maturing into its current role as an enabler of global tech hubs.
MRT Corp is wholly owned by the Minister of Finance Inc and is the developer and project owner of the Klang Valley MRT Project. It has completed the construction of the country’s first MRT line, the 51km MRT Sungai Buloh-Kajang Line and is now developing the second line, the MRT Sungai Buloh-Serdang-Putrajaya Line.
Cyberjaya City Centre station is one of the stations on the 52.2km long Sungai Buloh-Serdang-Putrajaya Line.