Pre-qualification for RM50b Sungai Buloh project completed

KUALA LUMPUR: Kwasa Land Sdn Bhd, the wholly-owned unit of the Employees Provident Fund (EPF), which is the master developer of the RM50 billion Kwasa Damansara township in Sungai Buloh, Selangor, has completed the pre-qualification process for selecting its development partners for the mega project. There were submissions from 152 developers.

“We will soon be inviting our shortlisted developers to submit their development concepts and layout proposals for the various projects and parcels together with their commercial bids. The land will be divided into various parcels, developed in phases and sold to developers according to plot ratios, density and development components,” Kwasa Land managing director Mohd Lotfy Mohd Noh said in a statement yesterday.

The Request for Proposal for the development of phase one is to be announced in a few weeks.

“[We] have reviewed each and every developer’s credentials against the three tiers that we outlined in our list of criteria, both quantitative and qualitative. The evaluation was meticulous and surpassed our expectations,” said Mohd Lotfy.

“We looked for experienced property developers with strong track records which had successfully completed developments with a high gross development value (GDV) for the past three years.”

The three tiers comprise Tier 1 (large-scale companies with shareholders’ or paid-up capital of RM1 billion and above), Tier 2 (companies with shareholders’ funds or paid-up capital of RM300 million and above) and Tier 3 (bumiputra companies with a paid-up capital of RM1 million and above).

Mohd Lotfy said 26 submissions were received from Tier 1 companies, 51 from Tier 2 and 72 submissions from Tier 3.

“However, three submissions were incomplete and were disqualified from the pre-qualification,” he said.

Spanning 2,330 acres (942.7ha), 42% of Kwasa Damansara’s land will be allocated for residential properties, 11% for commercial, 7% for mixed use, 11% for green and open space, 23% for infrastructure and 6% for community facilities.


This article first appeared in The Edge Financial Daily, on January 21, 2014.