PETALING JAYA: Kwasa Land Sdn Bhd has awarded its first bumiputra project to develop residential housing to Impiana Land & Development Sdn Bhd.
This is also the first residential project award by the master developer of the 2,330-acre Kwasa Damansara township in Sg Buloh, which was formerly owned by the Rubber Research Institute Malaysia (RRIM).
Kwasa Land is a wholly owned subsidiary of the Employees Provident Fund.
Last year, Kwasa Land awarded a township development comprising 64 acres to Malaysian Resources Corp Bhd.
This second award, known as project R3-2, is an 8.79-acre parcel located near the 64-acre town centre development.
The residential development was expected to draw considerable interest among those in search of a home in the last prime acreage in the Klang Valley, Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh said in a statement.
Sales for the whole development of 8.79 acres should be fully completed within a maximum period of six years.
The project benefits from a well-connected network of three current expressways and a new proposed Damansara-Shah Alam Expressway, two MRT stations and an adjacent Subang SkyPark air terminal. Impiana Land will be offering a mix of residentials.
Lotfy said: “The commercial independent evaluation panel had opined that the company offered a good net present value return to Kwasa Land at RM65mil or equivalent to RM170 per sq ft.”
Kwasa Land invited 23 bumiputra developers to submit proposals in October 2014. Impiana Land was among eight pre-qualified bumiputra developers who participated in the bid.
One was disqualified for not being statutory compliant, a Kwasa Land statement said.
Lotfy said the bids were “keenly competitive” but Impiana Land was “a clear-cut winner that offered the best design concept and return-on-investment.”