Naza TTDI plans RM440m project

Naza TTDI Sdn Bhd is targeting to launch a residential project in Kwasa Damansara by the end of next year.

Naza TTDI was awarded 12.7 acres of freehold land in Kwasa Damansara, a land formerly owned by the Rubber Research Institute, after fulfilling the criteria set by master developer Kwasa Land Sdn Bhd following a bid involving other local developers.

“We are currently in the planning stage and expect to launch this development at the end of 2016,” Naza TTDI deputy executive chairman and group managing director SM Faliq SM Nasimuddin said in an e-mail reply.

He said the project would have a gross development value of RM440mil.

Despite the current property market slowdown, Faliq said the company still believed in creating a product that would have unique and innovative features, adding that there would be demand to make this project a success.

“We are excited to be part of the Kwasa Land development and we believe that based on our experience and track record, we are able to add value to the overall development,” he said.

According to reports, other bidders for the project were Johor Land Bhd, MKH Bhd, Paramount Corp Bhd and TH Properties Sdn Bhd.

Kwasa Land said Naza TTDI’s proposal comprised a theme park, contemporary designs, private green courtyards and recreational club facilities.

Kwasa Land, which is a unit of the Employees Provident Fund, said the company’s proposal included a gated community with residences in clusters of four with each unit enjoying an open corner.

The award letter, dated Aug 24, stipulated conditions for the parties to finalise and sign the development rights agreement within 60 days.

In the same statement, Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh said the evaluation adjudicated by an independent evaluation panel stated the bid offered a good net present value return to Kwasa Land at about RM88mil or equivalent to RM160 per sq ft.

“The bid by Naza TTDI delivered on the desired criteria set by Kwasa Land.

“The independent evaluation panel are confident that the proposed contemporary living concept and the pricing strategy, best meets market expectations,” he said.

The parcel awarded to Naza TTDI would have 1.8 acres allocated for a vehicle-free central park and would be connected to a 42-acre urban park.

Despite developing the parcel for a residential project, as much of the existing greenery as possible would be retained, with the green area covering 55% of the total built area.

Naza TTDI’s project is located just 200 metres from Kwasa Damansara’s central business district, where two MRT stations have been planned. - By The Star