PETALING JAYA: Physical work on the Rubber Research Institute (RRI) land,
which is being shaped into one of the largest township developments in the Klang
Valley, is poised to kick-start with 20 Tier 1 developers vying for the first
tranche of the project.
Kwasa Land Sdn Bhd, the master developer of the 2,330-acre Kwasa Damansara
township in Sungai Buloh, has pre-qualified the companies to come up with
proposals for the development of the town centre on a 64.07-acre site.
Kwasa Land has set the parameters for the development and the winner would be
based on the qualitative and quantitative criteria.
According to Kwasa Land managing director Mohd Lotfy Mohd Noh,the development
– coded as Project MX-1 – comprises a parcel of mixed development under the
provisional master layout plan.
The developers shortlisted are Bandar Raya Developments Bhd, Bandar Utama
City Corp Sdn Bhd, DRB-Hicom Bhd, Eastern & Oriental Bhd, Gamuda Bhd, Goldis
Bhd, Guocoland Malaysia Bhd, IJM Land Bhd, IOI Properties Bhd, I&P Group Sdn
Bhd, Mah Sing Group Bhd, Malaysian Resources Corp Bhd, PerbadananKemajuanNegeri
Selangor, Putrajaya Holdings Sdn Bhd, SP Setia Bhd, Sunway Bhd, Tropicana Corp
Bhd, UEM Sunrise Bhd, WCT Bhd and YTL Corp Bhd.
In a statement yesterday, Kwasa Land, a wholly owned unit of the Employees
Provident Fund, said the successful developer would become its partner for the
development of the town centre.
“The location is extremely strategic with the advantage of a main road
frontage and two mass rail transit stations traversing the area.
Overall,the development would gain from the socio-economic benefits that
include commercial, retail and residential developments that make the location a
thriving hub of activities,” Kwasa Land noted.
The letters of invitation calling for proposals have been delivered to the 20
prospective developers, who are to submit their qualitative and quantitative
plans by May 27.
The qualitative aspects include development concept and layout proposals for
the parcel based on the approved plot ratio, development phasing and unique
features of the proposal complete.
The quantitative elements for consideration include the tender price on a per
sq ft basis along with their financialfeasibility analysis.
The whole development of the town centre must be fully completed within 12
years, Kwasa Land said.
It is learnt that two briefings will be held next Monday and Thursday for thedevelopers, and of the 20 who have been pre-qualified, only one will be awarded the project based on the merits of its submission.
A number of companies that had been earlier touted to be the potential winners in the Kwasa Land development were surprisingly missing from the list.
Among them are Sime Darby Bhd’s property arm, Perdana ParkCity Sdn Bhd, and Glomac Bhd.
Some new upstarts, including Eco World Development Group Bhd (formerly Focal Aims Holdings Bhd), were also not among the prequalifiers.
“But this could be due to the fact that Kwasa Land’s criteria specifies that only Tier 1 developers with shareholders’ funds or a paid-up capital of at least RM1bil and above can be considered for the town centre project,” said a property industry executive.
Kwasa Land has clearly stated that it was looking for experienced property developers with a strong track record and who have successfully completed developments with a high gross development value for the past three years.
An official said that the Tier 2 and Tier 3 developers would be considered for smaller parcels of land.
The Tier 2 developers are those with RM300mil and above in shareholders’ funds or paid-up capital, while Tier 3 developers are bumiputra companies of RM1mil and above.
Kwasa Damansara is a project that is expected to be carried out over the next 20 years and the first major township development in the fringes ofthe city complete with public transport infrastructure.
It is built to cater for at least 150,000 people.
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It is learnt that two briefings will be held next Monday and Thursday for thedevelopers, and of the 20 who have been pre-qualified, only one will be awarded the project based on the merits of its submission.
A number of companies that had been earlier touted to be the potential winners in the Kwasa Land development were surprisingly missing from the list.
Among them are Sime Darby Bhd’s property arm, Perdana ParkCity Sdn Bhd, and Glomac Bhd.
Some new upstarts, including Eco World Development Group Bhd (formerly Focal Aims Holdings Bhd), were also not among the prequalifiers.
“But this could be due to the fact that Kwasa Land’s criteria specifies that only Tier 1 developers with shareholders’ funds or a paid-up capital of at least RM1bil and above can be considered for the town centre project,” said a property industry executive.
Kwasa Land has clearly stated that it was looking for experienced property developers with a strong track record and who have successfully completed developments with a high gross development value for the past three years.
An official said that the Tier 2 and Tier 3 developers would be considered for smaller parcels of land.
The Tier 2 developers are those with RM300mil and above in shareholders’ funds or paid-up capital, while Tier 3 developers are bumiputra companies of RM1mil and above.
Kwasa Damansara is a project that is expected to be carried out over the next 20 years and the first major township development in the fringes ofthe city complete with public transport infrastructure.
It is built to cater for at least 150,000 people.
As the master developer, Kwasa Land will be responsible to deliver the common
infrastructure and thematic landscape parks, build affordable homes, and also
provide land for schools, places of worship, police stations and fire
stations.
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