KUALA LUMPUR: Kwasa Land Sdn Bhd expects to reap RM68mil in income from the proposed property Project R3-2 in Kwasa Damasara, Sungai Buloh which will be undertaken by Impiana Land & Development Sdn Bhd.
Kwasa Land, a unit of the Employees Provident Fund (EPF), had signed a development rights agreement for Project R3-2 and development partner Impiana Land for the first Bumiputera development, an 8.79-acre project comprising 436 residential units in Kwasa Damansara.
“The six-year development is expected to generate an approximate gross development value (GDV) of RM400mil which takes into account a 7% Bumiputera discount,” said Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh.
“Upon completion, Kwasa Land will reap an approximate total income of RM65mil, equivalent to RM170 per square foot inclusive of the revenue guarantee.”
The development on freehold land comprises of 396 condominiums, 20 park homes and 20 duplex penthouses with prices starting from RM650,000 per unit. Current market prices of properties in the surrounding area are within range.
Signing on behalf of the parties on Wednesday were Kwasa Land’s Mohd Lotfy and
Impiana Land managing director Datuk Haris Onn Hussein. Witnessing the event were
Kwasa Land chairman Tan Sri Samsudin Osman and Impiana Land & Development corporate advisor Datuk Ghazi Ishak.
R3-2 represents a new urban lifestyle and maximum quality of life with strategic design initiatives which break traditional barriers. A complete segregation of pedestrians and vehicles is key to its urban planning concept – a radical departure from the norm where pedestrians and vehicles share the ground level.
Kwasa Land is the master developer for the 2,330-acre iconic township at the Rubber Research Institute land in Sungai Buloh, Selangor.
It is mandated to develop over the next 20 years, a new sustainable community township comprising a development hub of modern residential, commercial, recreational and educational facilities. It will also incorporate an integrated transportation system that links the township via MRT to the rest of Klang Valley.