Gagasan Nadi Cergas secures RM1 bln affordable housing project

KUALA LUMPUR: Construction group Gagasan Nadi Cergas Bhd has secured a project from Kwasa Land Sdn Bhd to build 4,183 affordable housing units for the group’s Kwasa Damansara development at a gross development value (GDV) of RM1.0 billion.

Gagasan Nadi Cergas accepted the letter of award (LOA) from Kwasa Land, a wholly owned subsidiary of the Employees Provident Fund, to develop the project on 14.13 hectares (34.9 acres).

Under the terms of the LOA, Gagasan Nadi Cergas will pay master developer Kwasa Land RM35.6 million for the land, it said in a filing with Bursa Malaysia yesterday.

The LOA is Gagasan Nadi Cergas’ second undertaking with Kwasa Land. It started construction of 1,669 affordable housing units on Plot R4-1 in Kwasa Damansara last year.

Gagasan Nadi Cergas group managing director Wan Azman Wan Kamal said with this award in hand, the group’s ongoing property development projects are now worth RM3.6 billion in GDV which will provide earnings visibility until 2032.

“We are grateful to Kwasa Land for partnering with us, and we are keen to support Kwasa Land’s dynamic efforts to make Kwasa Damansara an affordable, modern, and sustainable township.

“Our commitment to building high-quality, affordable homes will help more B40 and M40 Malaysians realise their dream of becoming home-owners and elevate their standard of living,” he said.

Gagasan Nadi Cergas is slated to deliver up to 14,000 affordable housing units in Greater Kuala Lumpur over the next eight years.

The group’s other affordable housing development includes the ongoing Idaman Bukit Jelutong project. Notable completed projects include the recently opened mosque at Merdeka 118 in Kuala Lumpur and the Cardiology Centre at Serdang Hospital. — Bernama