Gadang gets devel­op­ment rights for R3-1

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Gadang Hold­ings Bhd has been awarded the devel­op­ment rights for the plot known as R3-1 by mas­ter de­vel­oper Kwasa Land Sdn Bhd.

In a state­ment yes­ter­day, Kwasa Land said Gadang’s bid would give a to­tal fi­nan­cial re­turn of RM165 mil­lion for both the land cost and profit shar­ing to Kwasa Land.

More than 10 de­vel­op­ers were in­vited to bid for Plot R3-1, the big­gest thus far for res­i­den­tial de­vel­op­ments to be de­vel­oped by Tier-2 de­vel­op­ers.

The plot is sited on a piece of freehold land mea­sur­ing 24.08 acres and is lo­cated in close prox­im­ity to a town park, pro­posed schools, a mosque, and com­mer­cial devel­op­ment plots.

Kwasa Land said Gadang had pro­posed the devel­op­ment con­cept with spe­cial char­ac­ter and theme which would of­fer a dis­tinc­tive neigh­bour­hood, lush­ness of green, well planned con­nec­tiv­ity and crime preven­tion fea­tures for added safety and com­fort.

To date, Kwasa Land has, in ad­di­tion to R3-1, called for six re­quests for pro­pos­als (RFPs), namely the main town cen­tre devel­op­ment MX-1 for Tier 1 de­vel­oper, the first res­i­den­tial devel­op­ment R2-1 for Tier 2 de­vel­oper, the first bu­mipu­tra res­i­den­tial de­vel­op­ments R3-2, R3-3 and R3-4.

Kwasa Land noted that two MRT sta­tions within the devel­op­ment are also ex­pected to be com­pleted soon.

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