Kwasa Land awards Project R2-1 to Naza TTDI

PETALING JAYA (Aug 26): Kwasa Land Sdn Bhd, the master developer of Kwasa Damansara, has awarded the residential 12.7-acre Project R2-1 within the 2,330-acre township to Naza TTDI Sdn Bhd, Kwasa Land said in a statement today.

The parcel was described by Kwasa Land – a unit of the Employee Provident Fund – as “extremely strategic” given that it is just 200m away from the central business district, where two MRT stations are located.

“The evaluation adjudicated by an independent evaluation panel have opined that the bid offered a good net present value (NPV) return to Kwasa Land at approximately RM88 million, or equivalent to RM160 psf,” said Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh (pictured).

“The bid by Naza TTDI delivered on the desired criteria set by Kwasa Land. The independent evaluation panel is confident that the proposed contemporary living concept and the pricing strategy, best meet market expectations,” he added.

The highlights of Naza TTDI’s winning bid were a thematic park, contemporary designs, private green courtyards and recreational club facilities.

The developer had proposed a gated-and-guarded community with residences in clusters of four and each unit enjoying an open corner that enables generous daylight penetration and views, a feature Kwasa Land deemed much sought-after by buyers.

“Spacious lounges and cosy seating for socialising with facilities for the residences would dominate the residential development,” said Kwasa Land.

Naza TTDI had also proposed to allocate over 1.8 acres for a central park, a vehicle-free zone that will be linked to the 42-acre Urban Park – Kwasa Damansara’s largest park.

“The development is expected to draw immense interest among those in search of a home in the last prime acreage in the Klang Valley,” said the master developer.

Kwasa Land said under the qualitative evaluation, tenderers were required to submit development concept and layout proposals for the R2-1 parcel based on approved density, development phasing, and unique features of the proposal complete with overall planning layout, 3-D massing and landscape plans.

Two independent panels conducted quantitative and qualitative evaluations of the bids, it added.

“Property sales for the whole development should be fully completed within a maximum period of six years,” said Kwasa Land.

Under the quantitative evaluation, tenderers were required to submit the tender price on a per square foot basis along with their financial feasibility analysis.

The award letter dated Aug 24 stipulated conditions for the parties to finalise and to sign the development rights agreement within 60 days, said Kwasa Land.