Kwasa Land announces two successful bidders for R3-3 and R3-4 projects

PETALING JAYA (Nov 12): Ahmad Zaki Sdn Bhd, a subsidiary of Ahmad Zaki Resources Bhd and Getrahome Sdn Bhd have won contracts to develop residential projects under the Bumiputera developer category in Kwasa Damansara, announced its Master developer Kwasa Land Sdn Bhd today.

Ahmad Zaki was awarded the R3-4 project while Getrahome Sdn Bhd was awarded the R3-3 project in the new 2,330-acre township development.

“The proposed development of Project R3-4 consists of 162 units in a high-rise twin tower condo and 26 units of garden villas on a 3.91-acre freehold land,” said Kwasa Land in a press statement.

The RM257 million 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 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.

Meanwhile, project R3-3 bagged by Getrahome comprises a proposed 260 residential units on 6.52-acre of leasehold land.

The RM 215 million project was tendered by Getrahome at total land cost of RM 42.6 million, which translated to RM 150 psf.

“Getrahome offered 7% of their gross sales value of the project as revenue sharing with the projected present value of the total return to Kwasa Land at RM43.5 million,” Kwasa Land said.

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 letter of award stipulated conditions for the parties to finalise and sign the Development Rights Agreement within 60 days.

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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