This article first appeared in The Edge Financial Daily, on November 13, 2015.

KUALA LUMPUR: Kwasa Land Sdn Bhd, the master developer for the 2,330-acre (942.91ha) Kwasa Damansara township here, has appointed Ahmad Zaki Resources Bhd and Getrahome Sdn Bhd to build residential units in the project.

They were selected out of 21 pre-qualified bumiputera developers, which were invited on May 14 to pitch for this development and the submission for the request for proposal (RFP) tender documents closed on Aug 6.

In a statement yesterday, Kwasa Land, a wholly-owned subsidiary of the Employees Provident Fund, said Ahmad Zaki Resources’ unit Ahmad Zaki Sdn Bhd was awarded the R3-4 project, which has a gross development value (GDV) of RM257 million.

Spanning 3.91 acres, the proposed project features 188 units of 162 twin-tower condominiums and 26 units of garden villas.

“The total land cost tendered by Ahmad Zaki was at RM28.95 million or RM170 per sq ft. In addition, Ahmad Zaki offered 10% of its gross sales value of the project as revenue sharing,” said Kwasa Land.

“The projected present value of the total return to Kwasa Land is RM44.9 million,” it added.

Getrahome, meanwhile, bagged the R3-3 project, which measures 6.52 acres on a leasehold land with a density of 260 residential units and GDV of RM215 million. The land is fronting a 28-acre town park.

“The total land cost tendered by Getrahome was at RM42.6 million or RM150 per sq ft,” said Kwasa Land.

“In addition, Getrahome offered 7% of its gross sales value of the project as revenue sharing. The projected present value of the total return to Kwasa Land is RM43.5 million,” it added.

“The letter of award stipulated conditions for the parties to finalise and to sign the development rights agreement within 60 days,” said Kwasa Land.

To date, Kwasa Land has called for four RFPs, namely the main town centre development MX-1 for Tier 1 category, the first residential development R2-1 for Tier 2 category, the first bumiputera development R3-2 and now residential developments R3-3 and R3-4 also under the bumiputera developer category.