Demand for medium-cost residential property in Cyberjaya has spurred more developers to undertake property projects in the township, with UEM Land Bhd being the latest developer to take up a project there.

The developer has plans to undertake a mixed residential project comprising 2,000 medium-cost apartments on a 100-acre plot opposite the Multimedia University. The project, currently awaiting approval from the Sepang Municipal Council, would commence next year.

Meanwhile, the master developer of Cyberjaya, Setia Haruman Sdn Bhd, is targeting to increase the current 28,000 residential units to 42,000 units in the next 10 to 20 years.

Setia Haruman's chief operating officer Lao Chok Keang said land in Cyberjaya had appreciated in value by 85.7 per cent to RM65 psf from RM35 psf 10 years ago. Presently, there are 2,840 acres remaining from the total saleable land of 3,764 acres.

According to Lao, the company, which is 25 per cent owned by UEM Group Bhd, plans to launch its CBD Perdana 2 project in November. It comprises six blocks of office suites with retail outlets on the ground floor. Launched last year, CBD Perdana 1 has been fully sold.

Each block of CBD Perdana 2 has a total built-up area of 30,000 to 40,000 sq ft. Prices are between RM600 and RM800 psf for ground floors, while higher floors would cost between RM300 and RM400 psf.

Lao added there has been more interest in Cyberjaya with the recent opening of the Kuala Lumpur-Putrajaya Highway. He also revealed that an additional 1.64 million sq ft is expected to be ready by the third quarter of 2009 as part of its plan to attract small and medium enterprises (SMEs), subsequently increasing the area for the SMEs to 5.86 million sq ft.