“The land for the massive development, which will evolve around the two mass rapid transit stations that will be built there, was acquired in 2012 from Lembaga Getah Malaysia for RM2.28 billion. 150 developers have shown interest, says EPF’s Kwasa Land”
RM50b project tenders out next month
THE Employees Provident Fund’s unit, Kwasa Land Sdn Bhd, will call for tenders in February for the development of its RM50 billion township project in Sungai Buloh, Selangor.
There has been huge response to the 932ha project, with 150 developers already showing interest. This is making it a challenge for Kwasa’s pre-qualification committee to limit the qualifying number to 60 of the best, the company said in a statement yesterday.
Tenders for the first phase of the development will be called next month, said Kwasa Land managing director Mohd Lotfy Mohd Noh.
“We intend to work with the best,” he said, adding that the master plan for the township, to be called Kwasa Damansara, has been submitted to the Selangor state government for evaluation and approval.
He said upon obtaining approvals from the state authorities, the first parcel of 25.6ha will be developed into a modern state-of-the-art town centre and transport hub, in partnership with Tier 1 developers.
Tier 1 developers are large-scale companies with a paid-up capital or shareholders fund of at least RM1 billion.
The town centre will comprise 70 per cent commercial and 30 per cent residential components.
Besides the town centre, residential developments of 4ha to 5ha each will be tendered out to Tier 2 and Tier 3 Bumiputera developers.
Tier 2 developers are medium-scale companies with a paid-up capital or shareholders fund of at least RM300 million, while Tier 3 developers are Bumiputera companies with a paid-up capital or shareholders fund of RM1 million and above.
The township project will be developed into eight precincts, each with its own urban-design guidelines.
Based on the structural division of land, Kwasa Land is projecting land sales revenue of about RM11 billion for 540ha to public limited and government-linked companies, as well as private and Bumiputera developers, said Mohd Lotfy.
The land for the massive development, which will evolve around the two mass rapid transit stations that will be built there, was acquired in 2012 from Lembaga Getah Malaysia for RM2.28 billion.
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