TSR to partner EPF unit for RM295mil project

Proposed development to have GDV of RM295mil

PETALING JAYA: TSR Capital Bhd has received a letter of award from Kwasa Land Sdn Bhd – a unit of the Employees Provident Fund – to be a partner to develop 6.52 acres of residential land in Kwasa Damansara, Selangor.

The company said in a filing with Bursa Malaysia that the development is expected to have an estimated gross development value (GDV) of RM295mil and would consist of 260 residential units.

The residential units will have five development components – link villas, cluster villas, exclusive villas, town villas and condominiums.

The up-and-coming Kwasa Damansara township covers more than 2,330 acres in Sungai Buloh on land formerly belonging to the Rubber Research Institute with its master developer being Kwasa Land.

“The letter of award shall be subject to the execution of a development rights agreement with Kwasa Land,” it said.

The company said that the contract would contribute positively to its future earnings and net assets.

TSR Capital is among the few property developers that have been appointed as partners for the Kwasa Damansara township by its master developer Kwasa Land.

In May 2016, TSR Capital was the second company to be awarded an infrastructure contract valued at RM268.9mil for the construction of common infrastructure works for work package contract WPC1B for the Kwasa Damansara township.

Kwasa Land awarded the first infrastructure contract for WPC1A, which is valued at RM127mil, to WCT Holdings Bhd in September 2015.

The contract included the construction and completion of common infrastructure works for a designated area within the vicinity of MX-1 (main town centre) and the Kwasa Sentral MRT Station.

Earlier this year, Kwasa Land appointed Gadang Holdings Bhd for the development rights of the plot known as R3-1, which fronts the lush and extensive 28.91-acre green park complemented by a 13.64-acre lake.

There will be 780 residential units comprising high-rise towers and villas, which will be built on the 21.08 acres of freehold land with a GDV of RM700mil.

Gadang had in 2016 been awarded the development rights to the R3-1 plot of land.

Malaysian Resources Corp Bhd (MRCB) is the project delivery partner (PDP) to develop the main infrastructure for the Kwasa Damansara township.

It was reported earlier that MRCB would be paid a provisional fee of RM112.28mil.

MRCB will earn a PDP fee based on 5% of the development cost estimated at RM2.2bil, plus goods and services tax and reimbursable expenses.