KUALA LUMPUR (Oct 22): Gagasan Nadi Cergas Bhd has secured a contract from the Employees Provident Fund’s wholly-owned subsidiary Kwasa Land Sdn Bhd to develop an affordable housing project in Selangor with a gross development value of RM1 billion.

Gagasan Nadi Cergas said in a bourse filing that it has accepted the letter of award from Kwasa Land for the proposed development of two parcels of land in Kwasa Damansara Township, Petaling, Selangor with a total land size of approximately 39.12 acres.

The development land is located within the vicinity of the future city centre of Kwasa Damansara adjacent to Kwasa Damansara MRT Station that is already operational.

The proposed development will consist of approximately 3,990 units of affordable residential housing with an estimated construction value of RM750 million.

Barring any unforeseen circumstances, Gagasan Nadi Cergas is of the opinion that the proposed development will contribute positively to the group’s future earnings and net assets.

Gagasan Nadi Cergas closed 0.5 sen or 1.56% higher at 32.5 sen, valuing the group at RM244.72 million.

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