PETALING JAYA: Construction and property group Gagasan Nadi Cergas Bhd
(GNCB) has signed a development rights agreement to develop affordable housing in Kwasa Damansara, Selangor, worth over RM1bil in gross development value.
In partnership with Kwasa Development (15) Sdn Bhd (KD15), a subsidiary of Kwasa Land Sdn Bhd, GNCB, through its unit Nadi Emery (KKD2) Sdn Bhd (NESB), signed the agreement to undertake the housing projects in the Kwasa Damansara township.
“The agreement requires NESB to pay KD15 RM35.6mil in total for the development rights to design and construct 4,183 units of affordable housing on a 34.9 acre parcel of land.
“Kwasa Land will act as the master developer for the project,” GNCB said in a statement.
The deal marks the group’s second collaboration with Kwasa Land, following the start of another project of 1,669 affordable-housing units also in Kwasa Damansara last year.
GNCB group managing director Datuk Wan Azman Wan Kamal said: “The value range of the homes is affordable yet earnings-accretive, supporting the future growth of our rapidly expanding property development segment.”
GNCB said it will fund the entire development through a combination of internally generated funds and bank borrowings.
“Currently, the group is also developing approximately 6,000 Rumah Idaman affordable homes in both Bukit Jelutong and Kwasa Damansara, as well as over 1,000 Idaman Amani affordable homes in the City of Elmina, all of which are in Selangor.”
GNCB said it will deliver more than 11,000 affordable homes over the next eight years, adding that the achievement would strengthen its position as a leading property developer in the growing market for affordable housing.
