KUALA LUMPUR (Mar 4): Kwasa Land Sdn Bhd, a wholly-owned unit of the Employees Provident Fund (EPF), has roped in Impiana Land & Development Sdn Bhd as development partner for a planned RM400 million residential project.
The 3.5ha (8.79 acre) development near the Subang Airport, will comprise 436 residential units, Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh said in a press statement today. The project comes under the 2,330 acre Kwasa Damansara township.
“The six-year development is expected to generate an approximate gross development value (GDV) of RM400 million, which takes into account a seven per cent Bumiputera discount. Upon completion, Kwasa Land will reap an approximate total income of RM65 million, equivalent to RM170 per square foot, inclusive of the revenue guarantee.
"The development on freehold land comprises 396 condominium units, 20 park homes and 20 duplex penthouses, with prices starting from RM650,000 per unit. Current market prices of properties in the surrounding area are within range," Mohd Lotfy said.