EPF finalises RRI land buy for RM2.28b
Posted on 27 August 2012 - 08:41pm
sunbiz@thesundaily.com

PETALING JAYA (Aug 27, 2012): Kwasa Land Sdn Bhd, a unit of the Employees Provident Fund (EPF) set up to manage the pension fund's multi-billion property development investments in the country, has finalised the purchase price for 943ha of prime Rubber Research Institute (RRI) land in Sungai Buloh, Selangor at RM2.28 billion.

In a statement today, Kwasa Land said the development planning of the proposed Kwasa Damansara township development is at an advanced stage, with construction expected to begin next year and take 15 years. The proposed township will comprise residential, commercial, recreational and educational facilities.

"The master plan is being finalised for submission to the Selangor State Planning Committee for approval," it added.

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.

"This new Kwasa Damansara township 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," said Kwasa Land chairman Tan Sri Samsudin Osman.

"We will soon be calling for the pre-qualification of developers to participate in the creation and building of the iconic township.

"We are looking for experienced property developers with strong track record and who have successfully completed developments with a high gross development value for the past two to three years," he said, adding that a key aspect in the evaluation process is the design concept plan which will be evaluated prior to the tender price.

Samsudin added that the proposed Kwasa Damansara township is expected to create abundant opportunities for developers and contractors to participate in developing residential and commercial properties, main infrastructure and public amenities for an expected population of 150,000.

It will also incorporate an integrated transportation system that includes the mass rapid transit to the rest of the Klang Valley. A 7.5km green park of 65ha will also be among the highlights of the new development.

As the master developer, Kwasa Land is responsible for obtaining all the necessary approvals for the master layout plan and for the construction of the main infrastructure.

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