KUALA LUMPUR: Gagasan Nadi Cergas Bhd has accepted a letter of award from Kwasa Land Sdn Bhd to be its development partner for 4,183 units of affordable residential housing in the KWASA Damansara township.
The development will have an estimated gross development value of RM1 billion and estimated construction cost of RM750 million.
The letter of award was presented from Kwasa Land Sdn Bhd, a unit of the EMployees Provident Fund.
In consideration of the development rights of the 14.10 hectare land, Gagasan Nadi will pay Kwasa land RM35.56 million.
Gagasan Nadi will enter into a development rights agreement with Kwasa Land in due course.
Gagasan Nadi's share price was up 1.7 per cent to close at 29.5 sen today, with some 465,400 shares changing hands..