Gagasan Nadi to build apartments in Shah Alam

KUALA LUMPUR: Gagasan Nadi Cergas Bhd is buying four parcels of land from Sime Darby Property Bhd located around Shah Alam for a total of RM24.68mil.

"The Subject Lands are proposed for development of affordable homes under the Rumah Idaman Rakyat Selangor comprising of apartment blocks with approximately 4,319 units with estimated construction value of approximately RM777mil," Gagasan Nadi said.

The company, in a filing with Bursa Malaysia today, said the proposed development is targeted to commence by December 2020 and is expected to be completed over the next 6 years.

"Gagasan Nadi is currently at the initial stages of development planning and is unable to ascertain the expected total gross development value and total development cost required for the proposed development at this juncture," it said.

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