Gadang gets development rights for R3-1

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.