PETALING JAYA (April 10): Kwasa Land Sdn Bhd has inked an agreement with TSR Capital Bhd to develop a 6.52-acre land in Kwasa Damansara into upmarket homes.
According to a press statement today, the agreement was signed between Kwasa Land unit Kwasa Development (3) Sdn Bhd and TSR Capital’s wholly-owned subsidiary TSR Development Sdn Bhd.
The 6.52-acre land, also known as Plot R3-3, will comprise 260 units of residential properties that include link villas, cluster villas, exclusive villas, town villas and condominiums. They will have a GDV of RM295 million and is scheduled for completion in 2024.
“In undertaking this exciting development at Kwasa Damansara, Kwasa Land as the master developer, is fully committed to providing opportunities and collaborating with bumiputera developers who possess the right credentials, capability, a proven track record and ultimately share our aspirations of what has been envisioned to become a next generation township,” said Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh.
Under the agreement, TSR Capital has agreed to pay Kwasa Land RM58.94 million for the development rights and revenue sharing.
Kwasa Damansara is a sustainable 2,332-acre development in the Klang Valley that is being planned as a fully-integrated township with green, connected, inclusive and sustainability as its main attractions.
Kwasa Land, a wholly-owned subsidiary of the Employees Provident Fund, is the master developer of the project.
Plot R3-3 has a green connectivity to one of the largest parks in Kwasa Damansara that measures about 42 acres, including a 13.6-acre lake.
This park is located northwest of the future town centre, where two MRT stations are within a 2km radius.
When fully completed, Kwasa Damansara is estimated to have a population of about 250,000, comprising residential households and a commercial workforce.