Kwasa Land receives six bids for inaugural town centre development

KUALA LUMPUR: Kwasa Land Sdn Bhd, the master developer for the Kwasa Damansara township sited on 2,330 acres (942.92ha) of prime land stretching from Sungai Buloh to Subang, has received six timely submissions for its inaugural development of ‘Project MX-1’.

Based on the provisional master layout plan, Project MX-1 measures a land area of 64.07 acres and has been earmarked to be the town centre of the proposed township, which is connected to two MRT stations and an adjacent Skypark air terminal.

In a statement yesterday, Kwasa Land — also a wholly-owned unit of the Employees Provident Fund (EPF) — announced that the six who made the submissions were Guocoland Malaysia Bhd, Malaysian Resources Corp Bhd, Putrajaya Holdings Sdn Bhd, S P Setia Bhd, UEM Sunrise Bhd, and YTL Corp Bhd.

Under the qualitative evaluation, tenderers were required to submit development concept and layout proposals for the MX-1 parcel based on approved plot ratio, development phasing, and unique features of the proposal complete with overall planning layout, 3-D massing and landscape plans.

“Property sales for the whole development within the MX-1 land area should be fully completed within 12 years,” noted Kwasa Land.

Under the quantitative evaluation, tenderers were required to submit the tender price on a per square foot basis along with their financial feasibility analysis.

The successful tenderer would be announced after the adjudication process for Project MX-1 submissions by an independent panel of consultants from various fields, which would take two months.

Previously in March, twenty prospective companies prequalified under Tier 1 developers had been invited by Kwasa Land to pitch for Project MX-1. The closing date for all the request for proposal  submissions fell on May 27.

“Moving forward, we are scheduled to invite Tier 3 bumiputera developers for the inaugural bumiputera development and Tier 2 developers for a residential development by the third and fourth quarters respectively,” said Kwasa Land.

Tier 1 companies are defined as large-scale companies with shareholders or paid-up capital of RM1 billion and above, Tier 2 are those with paid-up capital of RM300 million and above, while Tier 3 are bumiputera companies with paid-up capital of RM1 million and above.

Kwasa Land was established in September 2010 to manage the EPF’s multi-billion property development investments in the country. It has an authorised share capital of RM50 million and a current paid-up capital of RM20 million. It is mandated to develop Kwasa Damansara into a new sustainable community township comprising a development hub of modern residential, commercial, recreational and educational facilities over the next 20 years.


This article first appeared in The Edge Financial Daily, on June 03, 2014.