AZRB to jointly develop RM257mil GDV project in Kwasa Damansara

  • Business
  • Wednesday, 04 Nov 2015

KUALA LUMPUR: Ahmad Zaki Resources Bhd (AZRB) will jointly develop 188 high-rise residential units in Kwasa Damansara township in Sungai Buloh with an estimated gross development value of RM257mil.

The construction and property development group told Bursa Malaysia that its unit, Ahmad Zaki Sdn Bhd, had received a letter of award (LoA) from Kwasa Land Sdn Bhd, a wholly-owned subsidiary of the Employees Provident Fund which is the master developer of the 2,230-acre Kwasa Damansara township, to be its development partner for the project on a 3.91-acre piece of land identified as R3-4.

Kwasa Land had invited selected prequalified bumiputra developers to submit requests for proposal for R3-4 earlier this year.

The LoA will be subject to the execution of a development rights agreement with Kwasa Land within 60 days.

AZRB said the award was expected to contribute positively to the group’s future earnings and net assets.

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