AZRB, Getrahome secure two Kwasa Damansara projects

Ahmad Zaki Resources Bhd (AZRB) and Getrahome Sdn Bhd were the two successful bidders for its residential projects under the Bumiputera developer category in Kwasa Damansara.

Master developer Kwasa Land Sdn Bhd said on Thursday they were the two successful developers among the 21 pre-qualified Bumiputera developers which were invited on May 14 to pitch for the projects.

AZRB’s unit Ahmad Zaki Sdn Bhd was awarded the R3-4 project while Getrahome was awarded the R3-3 project.

The letter of award stipulated conditions for the parties to finalise and to sign the development rights agreement within 60 days.

“The total land cost tendered by Ahmad Zaki was at RM28.95mil equivalent to RM170 per square foot. In addition, Ahmad Zaki offered 10% of their gross sales value of the project as revenue sharing.

“The projected present value of the total return to Kwasa Land is RM44.9mil. The gross development value of the project is estimated at RM257mil,” Kwasa Land said.

It said Project R3-4 covered 3.91 acres of freehold land. The proposed development would consist of 188 units of 162 high rise twin tower condominiums and 26 units of garden villas.

As for Getrahome, the total land cost tendered was RM42.60mil or RM150 per square foot. It offered 7% of their gross sales value of the project as revenue sharing.

The projected present value of the total return to Kwasa Land was RM43.5 million. The GDV of the project was RM215mil.

Project R3-3 covers 6.52 acres on a leasehold land with a density of 260 residential units. The land is fronting a 28-acre town park. - By The Star