KUALA LUMPUR: The Employees Providend Fund’s wholly-owned property development arm Kwasa Land Sdn Bhd is calling for another round of pre-qualification of potential development partners for its 942.92ha iconic township development, Kwasa Damansara.
In a statement yesterday, Kwasa Land said it was seeking three categories of developers to join Kwasa Land in developing the township over the next 15 to 20 years. Kwasa Damansara is expected to generate a gross development value (GDV) of RM50 billion.
Kwasa Land said its second invitation is open to Tier 1, Tier 2 and Tier 3 developers. Tier 1 comprises large-scale companies with shareholders’ fund or paid-up capital of above RM1 billion, Tier 2 applies to companies with shareholders’ fund or paid-up capital of RM200 million and above, and Tier 3 comprises bumiputera companies with shareholders’ fund or paid-up capital of RM1 million and above.
“To ensure strength and merit in the respective categories, applicants should demonstrate average pre-tax profits for three consecutive years of above RM100 million for Tier 1, RM50 million for Tier 2 and RM5 million for Tier 3,” Kwasa Land said.
It added that applicants should also have generated from at least two development projects, GDV of RM1 billion for Tier 1, RM250 million for Tier 2 and RM50 million for Tier 3.
“Today’s call comes after the first initial round held in September 2012,” it said.
Kwasa Damasara is located in the vicinity of Kota Damansara and Petaling Jaya, and is a mix of residential, commercial, recreational, institutional and educational developments which, when ready, will serve a target population catchment of 150,000.
This article first appeared in The Edge Financial Daily, on June 2, 2015.
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