Mumbai based real estate development firm Sunil Mantri Realty Ltd has signed a memorandum of understanding (MoU) with MSC Cyberport Sdn.

Bhd for development, construction, marketing and funding of Bandar MSC Cyberport, which is the first Malaysia cybercity in Kulai, Johor.

Sunil Mantri proposes to pump US$ 100 million in the joint venture project, in which the State Government of Johor Barul, through a subsidiary, will hold 30% of equity and balance 70% will be jointly held by Sunil Mantri Realty and MSC Cyberport Sdn.Bhd.

The cyberport, consisting of 5 million sq ft IT and office space and 3,500 residential units, will come up on 150 acres across the causeway border of Singapore.

The project will be developed in three phases starting from end-2008 over eight years at an estimated gross development value of $425 million.