KUALA LUMPUR: Sunsuria Bhd
’s indirect wholly owned subsidiary, Sunsuria Damansara Sdn Bhd (SDSB), has entered into a development rights agreement (DRA) with Kwasa Development (13) Sdn Bhd (KD13), a unit of Kwasa Land Sdn Bhd, for a residential project in Sungai Buloh, Selangor, with an estimated gross development value of RM492mil.
Kwasa Land Sdn Bhd is a wholly owned subsidiary of the Employees Provident Fund board and the master developer of Kwasa Damansara.
In a filing with Bursa Malaysia, the property developer said the upcoming project, comprising landed homes and condominiums, will feature 520 residential units and will be delivered in phases, with the first expected to be launched in the third quarter of 2026.
The company said KD13 granted SDSB the rights to develop and sell residential units on the land in accordance with the approved plans, at its own expense, and subject to applicable laws and the terms and conditions of the DRA.
It noted that SDSB would pay KD13 RM88.63mil for the land cost, referred to as Development Rights Value 1 (DRV 1).
“Of this, RM8.86mil or 10% of DRV 1 will be paid upon signing the DRA, while the remaining RM79.77mil will be paid within nine months of the DRA date or by Dec 15, 2025, whichever comes first,” it said.
Additionally, SDSB will pay KD13, an amount equal to 1% of the gross sales value of the development or development rights value 2 (DRV 2), payable within six months after the certificate of completion and compliance is issued for each phase.
SDSB also guaranteed that the total DRV 2 payments would be no less than RM4.92mil, it added.
In a separate statement, Sunsuria group chief executive officer Tan Wee Bee said the development in Kwasa Damansara would offer a mix of terraced housing and high-rise residences, designed to support multi-generational living.
“Our proven track record with landmark developments such as Sunsuria City, Bangsar Hill Park, and Sunsuria Forum reflects our commitment to delivering innovative and inspiring spaces.
“We are delighted to embark on this strategic partnership with Kwasa Land and look forward to a successful and forward-thinking collaboration on this exciting new development,” he said.
Meanwhile, Kwasa Land managing director Datuk Adenan Md Yusof said the partnership marked another milestone in the company’s journey towards building a vibrant and sustainable new township founded on the “green, connected and inclusive” motto.
“Together, we will create spaces that not only reflect innovation and growth but also foster community engagement and environmental responsibility,” he said. —Bernama
