MRCB clinches RM3.1bil contract to manage Kwasa Utama development

Joyous occasion...Mohamad Salim (left) and Mohd Lotfy exchanging documents that will kick off the 29.82-acre Kwasa Utama commercial development.

Malaysian Resources Corp Bhd (MRCB), which is jointly developing the first parcel of land in the massive Kwasa Damansara project in Sungai Buloh, has signed a management contract for the development of Kwasa Utama.

Kwasa Utama is part of the Kwasa Damansara township, which is being built on the former Rubber Research Institute estate land measuring 2,330 acres that was acquired by the Employees Provident Fund (EPF). The development is located adjacent to Kwasa Sentral.

MRCB said in a statement that the management contract signed between it and Kwasa Utama Sdn Bhd (KUSB) would kick off the 29.82-acre Kwasa Utama commercial development, which comprises eight office towers, a hotel, an auditorium and a common facility block.

According to MRCB, its provisional total contract sum for this development was about RM3.1bil, with its completion expected within 12 years (2016 to 2027).

Signing the management agreement for MRCB was group managing director Tan Sri Mohamad Salim Fateh Din while KUSB was represented by its executive director, Datuk Mohd Lotfy Mohd Noh.

MRCB and EPF’s unit Kwasa Land Sdn Bhd (the master developer of the Sungai Buloh land) are jointly developing the 64-acre Kwasa Damansara main town centre (formerly called Project MX-1) on a 70:30 basis with a gross development value of RM8bil.

MRCB shares closed unchanged on Wednesday at RM1.19, with 3.19 million shares traded. - By The Star