KUALA LUMPUR (Dec 2): A development rights agreement for Plot R2-1 was today inked between landowner Kwasa Development (3) Sdn Bhd, a wholly-owned subsidiary of Kwasa Land Sdn Bhd, and development partner Naza TTDI Sdn Bhd for a 12.7-acre residential development that will comprise 278 residential units in Kwasa Damansara.

Kwasa Land, the master developer for the 2,330-acre iconic township and a wholly-owned subsidiary of the Employees Provident Fund, announced this today.

Signing on behalf of the parties were Kwasa Land managing director (MD) Datuk Mohd Lotfy Mohd Noh and Naza TTDI deputy executive chairman and group MD SM Faliq SM Nasimuddin. Witnessing the event were Kwasa Land chairman Tan Sri Samsudin Osman and Naza TTDI chairman SM Nasarudin SM Nasimuddin.

"The six-year development is expected to generate an approximate gross development value (GDV) of RM400 million," said Mohd Lotfy.

"Upon completion, Kwasa Land's financial return based on net present value will be RM88 million, which is equivalent to RM160 per sq ft, inclusive of the revenue guarantee," he added.

The development on the leasehold land comprises 278 units of garden villas with a built-up area ranging from 1,200 sq ft to 2,800 sq ft. The development's key highlight features are a thematic park, contemporary designs, private green courtyards and recreational club facilities with advanced key security features. The residential development has been planned to be a gated and guarded/enclave community.

SM Faliq SM Nasimuddin said, "The concept behind the development was to create a secured environment that fosters community living and also to provide homes that provide a sense of security, peace and tranquillity." He expects the launch of the project to be in third quarter 2016.

In R2-1, more than 1.8 acres have been allocated for its Central Park, which would be designated as a vehicular free zone. The park has a green connectivity towards one of the largest park in Kwasa Damansara, known as Urban Park, which is approximately 42 acres. The green area of that development would cover almost 14% of the total built area.

The development is expected to draw immense interest among those in search of a home in the last prime acreage in the Klang Valley. The location of R2-1 has an extremely strategic advantage in that it is adjacent to the central business district of Kwasa Damansara (MX-1) and two MRT stations — one of which is Kwasa Sentral, located a mere 0.5km from the development. It also has a well-connected network of three current expressways and a nearby Subang Sky Park air terminal.

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