PETALING JAYA — Kwasa Land Sdn Bhd (Kwasa Land) today announced its intention to invite partners to participate in the proposed Kwasa Damansara township project of 2,330 acres (943 hectares) of prime land in the Klang Valley.
Kwasa Land, a wholly-owned subsidiary of the Employees Provident Fund (EPF), as master developer will conduct a Pre-Qualification exercise — the first step — to ensure that it obtains the right developers with the required track record and expertise to undertake its massive parcels of mixed development projects.
Located in the vicinity of Kota Damansara and Petaling Jaya, the development project is a mix of residential, commercial, recreational, institutional and educational facilities which when ready, will serve a target population catchment of 150,000. The designated township is surrounded by a huge and matured Damansara suburb; served by no less than five traversing highways, and the setting up of two MRT stations that will make public transportation a breeze for those seeking accessibility and connectivity.
Of the total land area of 3,155 acres, 2,330 acres is acquired by Kwasa Land for the proposed Kwasa Damansara development. Separately, the government has acquired 290 acres for the MRT while the Rubber Research Institute has retained 535 acres.
“The integrated development will comply with all the requisites of a master layout plan that is to be approved by the Selangor State planning authorities. The development will be divided into parcels and developed in phases according to Kwasa Land’s master timeline,” said Mohd Lotfy Mohd Noh, managing director of Kwasa Land.
“Developers who are keen to participate in our project will undergo a short listing process that has established specific measures, both quantitative and qualitative, to enable us to first assess the capabilities of these companies.”
The selection criteria that will be applied in assessing the developer companies include their paid up share capital or shareholder’s fund, pre-tax profit for the last three (3) consecutive years, Gross Development Value (GDV), and finally its Net Gearing Ratio. Recognition awards earned for projects accomplished will also be taken into account.
The Pre-Qualification exercise is classified into three categories – Tier 1 or large scale companies with a paid up share capital or shareholders’ fund of at least RM1 billion; Tier 2 or medium scale companies with a paid up capital or shareholders’ fund of at least RM300 million, and Tier 3 comprising Bumiputera developers with a paid up capital or shareholders fund of RM1 million and above.
In addition to their Tier 3 participation, Bumiputera developers may also participate in either Tier 1 or Tier 2 categories subject to their qualification. “It is our aim to extend the widest opportunities to the best and capable property developers in the industry.
In pre-qualifying the developers, we can be assured of a high level of success, quality and innovation for the development,” added Mohd Lotfy.
The proposed Kwasa Damansara township development will also capitalize on the eco needs of a modern township that includes providing for extensive parks, green lungs amidst the residential and commercial areas and other environmental and sustainable use of technologies in the building of infrastructure. A key feature is a green park that is 7.5 km long and 160 acres in size.
Developers are invited to visit the Kwasa Land corporate website at www.kwasaland.com.my to download the forms for the Pre-Qualification exercise. The closing date for all submissions is 12 noon, Wednesday 26 September 2012.