This article first appeared in The Edge Financial Daily on December 22, 2017

KUALA LUMPUR: Builder and property developer TSR Capital Bhd has been appointed development partner by Kwasa Land Sdn Bhd for a 6.52-acre (2.64ha) proposed residential development at its Kwasa Damansara township in Selangor, with a gross development value of RM295 million.

In a filing with Bursa Malaysia yesterday, TSR said it had accepted the letter of award (LoA) from Kwasa Land for the appointment. Kwasa Land, a wholly-owned subsidiary of the Employees Provident Fund, is the master developer of the Kwasa Damansara township.

The proposed development will consist of 260 residential units with five development components, namely link villas, cluster villas, exclusive villas, town villas and condominiums.

“The LoA will be subject to the execution of a development rights agreement with Kwasa Land,” said TSR.

TSR added that the award will contribute positively to the group’s future earnings and net assets.

This is not the first contract TSR has bagged from Kwasa Land under the development of the Kwasa Damansara township.

In March 2016, TSR’s subsidiary TSR Bina Sdn Bhd was awarded the common infrastructure work package valued at RM268.9 million, for the construction of common infrastructure works for work package contract WPC1B for the Kwasa Damansara township. The two-year contract is to be completed within 104 weeks by March 12, 2018.

Kwasa Damansara, located in the vicinity of Kota Damansara and Petaling Jaya, is a mix of residential, commercial, recreational, institutional and educational developments which, when ready, would serve a target population catchment of 150,000.

TSR shares closed up 1.5 sen or 3.09% to 50 sen yesterday, with a market capitalisation of RM87.2 million.