Kwasa Land awards development rights for R3-1 to Gadang

KUALA LUMPUR (Oct 14): Master developer of Kwasa Damansara, Kwasa Land Sdn Bhd (Kwasa Land) has awarded the development rights for the plot known as R3-1 to Gadang Holdings Bhd (Gadang), an investment holding company with subsidiaries principally involved in civil engineering and construction, property development, water and power supply.

More than 10 developers were invited to bid for plot R3-1, the biggest thus far for residential developments to be developed by Tier-2 developers, Kwasa Land said in a statement today.

The plot is sited on a freehold land measuring 24.08-acres and is located close to a town park, proposed schools, a mosque, and commercial development plots.

The development will front an extensive 28.91-acre green park complemented by a 13.64-acre lake.

According to the statement, Gadang had proposed a development concept with a special character and theme and would offer a distinctive neighbourhood with well planned connectivity and crime prevention features.

It was noted that Gadang’s bid would give a total financial return of RM165 million for both the land cost and profit sharing to Kwasa Land.

Meanwhile, Kwasa Land said there are two mass rapid transit (MRT) stations within the development that are scheduled to be completed soon: the Kwasa Damansara and Kwasa Sentral stations.

To date, Kwasa Land has, in addition to R3-1, called for six requests for proposal, namely, the main town centre development MX-1 for Tier 1 developer, the first residential development R2-1 for Tier 2 developer, the first bumiputera residential developments R3-2, R3-3 and R3-4.

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