This article first appeared in The Edge Malaysia Weekly on December 15, 2025 - December 21, 2025
EMKAY Group, controlled by the family of the late founder Tan Sri Mustapha Kamal, who also co-founded publicly traded MK Land Holdings Bhd (KL:MKLAND), is putting up one of its office buildings in Damansara Perdana, Petaling Jaya, for sale.
The Grade A office building is part of Mercu Mustapha Kamal, within the NeoDamansara development. NeoDamansara has a gross development value (GDV) of RM804 million.
The 21-storey MSC-status building has a net lettable area (NLA) of about 240,000 sq ft and comes with 500 parking bays. “The owners invested a lot in the building — daylight harvesting, sky gardens on alternate floors, strong M&E (mechanical and electrical) systems and 500 covered parking bays, which is uncommon in PJ,” says a property agent who is aware the building is on the market.
It is understood that Zerin Properties was recently appointed the exclusive agent for the sale.
Mercu Mustapha Kamal comprises two office towers, with the other being a 32-storey Grade A office building.
A property agent tells The Edge that the 21-storey office building has been left unoccupied since its completion in 2017.
“From what I hear, the owners originally kept it for their own expansion and were very selective about who they wanted in the building,” he says.
“Some buildings will take any tenant. In this case, the owners never did. It was held back and maintained, and because of that, it is still in very good condition today. Now the ownership strategy has changed.”
Several agents estimate the value to be between RM450 and RM500 per sq ft (psf). This takes into consideration that in addition to there being an oversupply of offices in the market, there is no LRT or MRT within walking distance and no link bridge to the newly opened Hextar World from the tower.
Another agent puts the estimated value at slightly above RM600 psf, given its location close to major townships and shopping malls, easy accessibility via several highways and sustainable features such as Gold compliance with the Green Building Index.
According to messages related to the sale of the building sighted by The Edge, the asking price is said to be about RM500 to RM520 psf. It is understood that there has been interest from several parties, including a fund.
“It would be suitable as the headquarters for healthcare or education groups that need visibility, or tech outfits that value ESG and workplace wellness,” says the property agent.
EMKAY Group changed the sales strategy for the 21-storey tower from an en-bloc model to a stratified floor ownership approach in May. It is understood to have reverted to an en bloc sale strategy recently.
EMKAY Group executive chairman Datuk Fazwinna Mustapha Kamal said in May that the office sector was not in a favourable condition when this tower was completed. In addition, it was affected by the Covid-19 pandemic subsequently.
“The office sector faced an oversupply situation. Coupled with our initial en-bloc sales strategy and the change to hybrid work models, the occupancy rate was slower than we initially envisioned,” she said.
EMKAY Group’s portfolio includes projects such as Damansara Perdana, Damansara Damai, Taman Bunga Raya and Cyberjaya, alongside investments in golf courses, tourism destinations and hospitality ventures.
Between 1999 and 2002, the founder injected nine projects, including Bukit Merah LakeTown, Damansara Perdana, Taiping Resort, Langkawi Lagoon and Damansara Damai, resulting in the establishment of MK Land Holdings.
EMKAY Group retained its status as a privately owned company, emerging as a separate entity from MK Land. According to MK Land’s 2025 annual report, its largest shareholder is MKN Holdings Sdn Bhd, the vehicle of the late Mustapha, with a 39.77% stake in the company, and Datuk Kasi Palaniappan with a 15.52% stake.
The executive chairman of MK Land is Felina Mustapha Kamal while the executive chairman of EMKAY Group is Fazwinna, both daughters of the late businessman who passed away in 2022.
EMKAY Group, which was established in 1983 and based in Cyberjaya, has built many projects, including Belum Rainforest Resort (GDV: RM74 million) in Gerik, Perak; Bandar Baru Sungai Buloh (GDV: RM200 million) in Selangor; Wisma Shell (GDV: RM240 million) in Cyberjaya; as well as its first landed property in Cyberjaya, The Mulia Residences (GDV: 738 million).
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