The Employees Provident Fund's wholly-owned Kwasa Land Sdn Bhd yesterday announced that it has finalised the purchase price of RM2.28 billion for the Rubber Research Institute (RRI) land from the government, prompting a rebound in Malaysian Resources Corp Bhd (MRCB) share prices.
The 932ha site in Sungai Buloh, Selangor, will be developed into a township called Kwasa Damansara with an expected population of 150,000.
The land will be divided into parcels, developed in phases, and sold to developers according to plot ratios, development components and in conformance with the urban design guidelines by Kwasa Land.
"We will soon be calling for the pre-qualification of developers to participate in the creation and building of an iconic township that will be the toast of the town in the coming years," Kwasa Land chairman Tan Sri Samsudin Osman said.
The company is looking for experienced property developers with strong track record and successfully completed developments with a high gross development value (GDV) for the past two to three years.
"The development will incorporate plans that are befitting of a city replete with infrastructure and modern facilities, both residential and commercial that aim to serve the entire Damansara region, if not the Klang Valley," Samsudin said in a statement yesterday.
The development planning is now in an advanced stage with the iconic township development expected to commence in 2013, he added.
Among the key features in the design and layout plan is a development hub comprising modern residential, commercial, recreational and educational facilities.
It will also incorporate an integrated transportation system that links the township via MRT (mass rapid transit) to the rest of Klang Valley.
A 7.5km green park of 64ha will also be among the highlights of the development.
The master plan is being finalised for submission to the Selangor State planning committee for approval.
By Business Times
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