Kwasa Land Sdn Bhd will receive a total of RM165.5 million in development rights from Gadang Holdings Bhd for the development of a 21.08acre (8.53ha) piece of freehold land in Sungai Buloh.
The Employees’ Provident Fund (EPF) board-owned property developer signed an agreement yesterday with Gadang’s wholly owned unit, Elegance Sonata Sdn Bhd, through its subsidiary Kwasa Development (3) Sdn Bhd to develop the site known as R3-1.
The plot has an estimated gross development value of RM700 million with Kwasa Land Sdn Bhd, acting as the main developer for the Kwasa Damansara township in Sungai Buloh, responsible for the development of 780 residential units comprising high-rise towers and villas at the site.
The proposed development will be completed within the close proximity of an existing school, proposed schools and commercial development plots, while two mass rapid transit stations are already in operation.
Kwasa Land noted in a statement yesterday the whole township development period is six years, while the R3-1 plot is scheduled to be launched as early as January 2019.
Six requests of proposals have been called for the development of the main town centre development MX-1 for Tier 1 developer, the first residential development R2-1 for Tier 2 developer, and the first Bumiputera residential developments R3-2, R3-3 and R3-4.
The EPF subsidiary is also responsible for developing 2,330 acres of land located in the Klang Valley to serve as the town centre for the Kwasa Damansara project.
Kwasa Land has an authorised share and paid-up capital of RM50 million and RM32 million respectively and was established in 2010 to manage the EPF’s property development investments in Malaysia.