KUALA LUMPUR: Gagasan Nadi Cergas Bhd
has accepted a letter of award from Employees Provident Fund-owned Kwasa land Sdn Bhd to be the development partner for an affordable housing project in Kwasa Damansara Township in Petaling, Selangor.
In a statement, the group said the development will be on a tract of land measuring about 34.86 acres within the vicinity of the future city centre of Kwasa Damansara.
The proposed development will consist of 4,183 units of affordable residential housing with an estimated gross development value of RM1bil and an estimated construction cost of RM750mil.
Gagasan Nadi said it will pay Kwasaland RM35.56mil in consideration of the development rights.
"Barring any unforeseen circumstances, the Board of Directors of Gagasan Nadi is of the opinion that the proposed development will contribute positively to the group’s future earnings and net assets," it said.
