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AZRB to jointly develop RM257 million GDV project in Kwasa Damansara

Aerial view of what would be transformed into a lively Kwasa Damansara township. Aerial view of what would be transformed into a lively Kwasa Damansara township.

Ahmad Zaki Resources Bhd (AZRB) will jointly develop 188 high-rise residential units in Kwasa Damansara township in Sungai Buloh with an estimated gross development value (GDV) of RM257 million.

The construction and property development group told Bursa Malaysia that its unit, Ahmad Zaki Sdn Bhd, had received a letter of award (LoA) from Kwasa Land Sdn Bhd, a wholly-owned subsidiary of the Employees Provident Fund (EPF) which is the master developer of the 2,230-acre Kwasa Damansara township, to be its development partner for the project on a 3.91-acre piece of freehold land identified as R3-4.

The project will offer dual-key condo units with a double volume living area, a master bedroom with walk-in wardrobe, an additional wet kitchen and a storeroom.

According to Kwasa Land the land cost tendered by Ahmad Zaki was RM 28.95 million, which translates to about RM 170 per square foot (psf).

“Ahmad Zaki offered 10% of their gross sales value of the project as revenue sharing and the projected present value of the total return to Kwasa Land stands at RM 44.9 million,” the master developer added.

Kwasa Land had invited selected prequalified Bumiputra developers under the Bumiputera category to submit requests for proposal for R3-4 earlier this year.

The evaluation was conducted by two independent panels in two parts, namely quantitative and qualitative evaluations.

Some of the quantitative criteria included bidders submitting the tender price on a psf basis together with their financial feasibility analysis, while some of the qualitative criteria included the submission of the development concept and layout proposals for the parcel based on the approved density and unique features of the proposal complete with overall planning layout.

The LoA will be subject to the execution of the Development Rights Agreement with Kwasa Land within 60 days.

AZRB said the award was expected to contribute positively to the group’s future earnings and net assets.

Meanwhile, Kwasa Land has called for four requests for proposals (RFPs) for 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; and residential developments R3-3 and R3-4 also for Bumiputera developer category.

Tier 1 can be classified as large scale companies with shareholders’ funds or paid up capital of RM1 billion and above; while Tier 2 and Tier 3 are classified as companies with shareholders’ funds or paid up capital of RM200 million and above, and Bumiputera companies with shareholders’ funds or paid up capital of RM1 million and above respectively.

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