EPF buying land now? Is this the right move?

EPF’s Kwasa Land finalises purchase of RRI land from govt for RM2.28b

Business & Markets 2012 Written by Surin Murugiah of theedgemalaysia.com Monday, 27August 2012 13:09

KUALA LUMPUR (Aug 27): The Employees Provident Fund’s wholly owned unit Kwasa Land Sdn Bhd has finalised the purchase price of RM2.28 billion for 2,330 acres of prime Rubber Research Institute land in the heart of the Klang Valley.

In a statement Monday, Kwasa Land chairman Tan Sri Samsudin Osman said the new Kwasa Damansara township development would incorporate plans that are befitting of a city replete with infrastructure and modern facilities, both residential and commercial that aim to serve the entire Damansara region.

He said the proposed township development was expected to create abundant opportunities for developers and contractors to participate in developing residential and commercial PROPERTIES [], main infrastructures and public amenities for an expected population of 150,000.

Kwasa Land said the development planning was now in an advanced stage with the township development expected to commence in 2013.

“Among the key features in the design and layout plan is a development hub comprising modern residential, commercial, recreational and educational facilities.

“It will also incorporate an integrated transportation system that links the township via MRT to the rest of Klang Valley,” said Kwasa Land. A 7.5 km green park of 160 acres would also be among the highlights of this new development, it said.

The master plan was being finalised for submission to the Selangor State Planning Committee for approval, said the company.

Kwasa Land has been established as a master developer and as an investment holding company for the entire development of the township that has been given a CONSTRUCTION [] lifespan of 15 years.

“As master developer, Kwasa Land is responsible for obtaining all the necessary approvals for the master layout plan and for the construction of the main infrastructure on the land.

“The land will be divided into parcels, developed in phases, and sold to developers according to plot ratios, development components and in conformance with the urban design guidelines by Kwasa Land,” it said.

Samsudin said Kwasa Land would soon be calling for the pre qualification of developers to participate in the creation and building the township.

“We are looking for experienced property developers with strong track record and who have successfully completed developments with a high Gross Development Value (GDV) for the past 2 to 3 years,” he said.

He added that in ensuring the best for those intending to reside and work in this new iconic township, the proposed development components must be aligned to the urban design guidelines determined by Kwasa Land in which harmony is an important pre requisite to the entire development.

A key aspect in the evaluation is that the design concept plan is to be evaluated first prior to the tender price, he said.

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