Gadang to build RM700m residential project within Kwasa Damansara

KUALA LUMPUR (Jan 18): Kwasa Land Sdn Bhd, the master developer of the Kwasa Damansara township here, has awarded the development rights of a 21.08-acre plot known as R3-1 within the new township to Gadang Holdings Bhd.

The proposed development, which has an estimated gross development value of RM700 million, will feature 780 residential units comprising a combination of high-rise towers and villas.

In a statement today, Kwasa Land said its wholly-owned subsidiary Kwasa Development (3) Sdn Bhd has signed an agreement with Gadang's unit Elegance Sonata Sdn Bhd for the development rights of R3-1.

Under the deal, Kwasa Land will receive RM165.5 million for the development rights and revenue sharing from Gadang.

"The development period would be six years for the entire project to be completed. Plot R3-1 is expected to be launched by January 2019," said Kwasa Land.

The plot fronts a 28.91-acre green park, which is complemented by a 13.64-acre lake. The proposed development is accessible through Persiaran Atmosfera and will in the future be connected to the Guthrie highway.

"An interesting feature is the river which acts as the spine to the development. It will be complemented by the contemporary developments of the surrounding areas, linking the river to the urban fabric of the community," said Kwasa Land.

"The development designs will have optimised views of the river while lower levels will have a landscaped garden deck to complement.

"Sky gardens shall be located at alternating levels of the blocks having front open views. Roadways will feature soft landscapes featuring ornamental flowering trees," it added.

Kwasa Land noted that two mass rapid transit stations within the development — the Kwasa Damansara station and the Kwasa Sentral station — have been completed and are already in operation. It believes these would provide premium value for property development in Kwasa Damansara.

In addition to R3-1, Kwasa Land has called for six requests for proposal for plots within the Kwasa Damansara township. They include the main town centre development MX-1 for Tier 1 developer, the first residential development R2-1 for Tier 2 developer and the first bumiputera residential developments of R3-2, R3-3 and R3-4. — theedgemarkets.com