Gadang gets development rights to Kwasa Land’s R3-1 plot

PETALING JAYA: Kwasa Land Sdn Bhd, which is wholly owned by the Employees Provident Fund, has signed over the development rights of a 21.08ha freehold plot at its Kwasa Damansara Township to Gadang Holdings Bhd’s unit.

Elegance Sonata Sdn Bhd will develop the land in return for RM165.5 million in lieu of developments rights and revenue sharing arrangement.

The freehold plot known as R3-1 is projected to have a gross development value of RM700 million, which will have a combination of high-rise towers and villas.

Signing on behalf of Kwasa Development (3) Sdn Bhd was Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh while representing Elegance Sonata Sdn Bhd was Gadang Holdings property division managing director Datuk Ling Hock Hing. Witnessing the signing of the agreement were Kwasa Land chairman Tan Sri Samsudin Osman and Gadang Holdings chairman Tan Sri Dr Mohamed Ismail Merican.

The development period is six years for the entire project to be completed. Plot R3-1 is expected to be launched by January 2019.

Two MRT stations within the development have been completed and are already in operation.

To date, Kwasa Land has, in addition to R3-1, called for six request for proposals, namely the main town centre development MX-1 for Tier 1 developer, the first residential development R2-1 for Tier 2 developer, the first bumiputra residential developments R3-2, R3-3 and R3-4.