KUALA LUMPUR: The Employees Provident Fund's unit, Kwasa Land Sdn Bhd yesterday inked a development rights deal with Ahmad Zaki Resources Bhd’s (AZRB) unit AZ Land & Properties Sdn Bhd to develop the R3-4 site, covering about 1.58ha of freehold land in Kwasa Damansara.
The agreement defined the scope, terms and conditions between Kwasa Land and AZ Land in which the right to develop the said land was handed to AZ Land.
Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh said the proposed development in Kwasa Damansara would have a total of 188 units consisting of 162 high-rise twin tower condominiums and 26 units of garden villas.
“Among the condominiums offered are dual-key units with a double volume living area, a generous master bedroom with walk-in wardrobe, an additional wet kitchen for Asian cooking and a dedicated storeroom - all highly sought-after features for high rise units,” Lotfy said.
“The township enjoys the benefit of two MRT stations, a well-connected network of four expressways, and the close proximity to the SkyPark air terminal making Kwasa Damansara a highly desirable township for home owners, entrepreneurs and investors,” he added.
The total and cost tendered by AZRB was RM28.95 million or to RM170 per square foot. In addition, AZRB had offered a 10 per cent of their gross sales value of the project as revenue sharing. The projected present value of the total return to Kwasa Land is RM44.9 million.
The agreement was signed by Lotfy on behalf of Kwasa Land, while AZ Land was represented by AZRB group managing director Datuk Wan Zakariah Wan Muda. It was witnessed by Kwasa Land chairman Tan Sri Samsudin Osman and AZRB group chairman Raja Tan Sri Aman Raja Ahmad.
Kwasa Land, which is the master developer, plans to invite Tier 1 and Tier 2 developers for another three residential developments to be announced this year.
To date, Kwasa Land has called for five requests for proposals which are the main town centre development MX-1 for Tier 1 category, the first residential development R2-1 for Tier 2 category, the first Bumiputera development R3-2, residential developments R3-3 and R3-4 also for Bumiputera developer category.