Kwasa Damansara to be a hive of activity for developers soon
PROPERTY developers and construction firms will be looking forward to the details of the pre-qualification process for the Rubber Research Institute (RRI) land in Sungai Buloh, following the finalisation of the sale of this real estate to the Employees Provident Fund’s (EPF) subsidiaryKwasa Land Sdn Bhd.
Kwasa Land, the master developer, acquired 2,330 acres out of the approximately 3,000 acres of RRI land from the Malaysian Rubber Board for RM2.28bil or RM22.50 per sq ft, confirming speculation of recent months that the land will be acquired for more than RM2bil.
This land will be turned into the township of Kwasa Damansara, which will have a development period of up to 15 years and include a mix of residential and commercial properties, infrastructure and public amenities for an expected population of 150,000.
StarBizWeek understands that the terms and conditions of the pre-qualification process will be announced next week.
Who will be developing the township?
There was a lot of buzz when Prime Minister Datuk Seri Najib Tun Razakproposed during Budget 2009 about the development or redevelopment of strategic parcels of government-owned land in and around the Klang Valley, including in Kuala Lumpur, as part of several mega-projects aimed at boosting the economy.
The land, which falls under the jurisdiction of the Petaling Jaya and Shah Alam city councils, has a mixture of both freehold and leasehold parcels with the southern portion being the most valuable as it adjoins the upmarket Tropicana Golf & Country Resort.
Property valuers say that any premium to the tender price will depend on a number of factors including, as KGV-Lambert Smith Hampton (M) Sdn Bhd executive director (valuation) Anthony Chua points out, whether the land is parcelled out as converted or unconverted land.
Continue Reading:
No comments:
Post a Comment