Master developer Kwasa Land Sdn Bhd (Kwasa Land) today signed a Development Rights Agreement with AZ Land & Properties Sdn Bhd (AZ Land), a subsidiary of public-listed Ahmad Zaki Resources Berhad (AZRB) for the development of R3-4 measuring 3.91 acres of freehold land in the iconic Kwasa Damansara.
The agreement defined the scope, terms and conditions between Kwasa Land and AZ Land in which the right to develop the said land was handed to AZ Land.
The total Land Cost tendered by AZRB was at RM28,954,332 equivalent to RM170 per square foot. In addition, AZRB had offered a 10% of their Gross Sales Value of the project as revenue sharing. The projected present value of the total return to Kwasa Land is RM44.9 million.
Signing on behalf of Kwasa Land was managing director Dato’ Mohd Lotfy bin Mohd Noh while AZ Land was represented by group managing director AZRB Dato’ Wan Zakariah bin Haji Wan Muda. Witnessing the signing were Kwasa Land chairman Tan Sri Samsudin Osman and AZRB group chairman Raja Tan Sri Dato’ Seri Aman bin Raja Haji Ahmad.
“The proposed development in Kwasa Damansara would consist of 188 units of 162 high-rise twin tower condominiums and 26 units of garden villas. Among the condominiums offered are dual-key units with a double volume living area, a generous master bedroom with walk-in wardrobe, an additional wet kitchen for Asian cooking and a dedicated storeroom – all highly sought-after features for high rise units,” said Dato’ Mohd Lotfy.
The township enjoys the benefit of two MRT stations, a well-connected network of four expressways, and the close proximity to the SkyPark air terminal making Kwasa Damansara a highly desirable township for home owners, entrepreneurs and investors, he added.
Kwasa Land Sdn Bhd, the wholly-owned subsidiary of the Employees Provident Fund (EPF), has exciting plans for Kwasa Damansara as it plans to invite Tier 1 and Tier 2 developers for another three residential developments to be announced this year.
To date, Kwasa Land has called for five RFPs, namely, the main town centre development MX-1 for Tier 1 category, the first residential development R2-1 for Tier 2 category, the first Bumiputera development R3-2, residential developments R3-3 and R3-4 also for Bumiputera developer category.