KUALA LUMPUR (Feb 22): The Employees Provident Fund's (EPF) wholly-owned unit Kwasa Land Sdn Bhd gave Ahmad Zaki Resources Bhd (AZRB) development rights for a 1.6ha (3.91 acre) land within the proposed Kwasa Damansara township in Selangor.

In a statement today, Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh said it signed the development rights agreement with AZRB subsidiary AZ Land and Properties Sdn Bhd. AZRB plans to develop freehold high-rise residential units there.

"The agreement defined the scope, terms and conditions between Kwasa Land and AZ Land in which the right to develop the said land was handed to AZ Land.

"Among the condominiums offered are dual-key units with a double volume living area, a generous master bedroom with walk-in wardrobe, an additional wet kitchen for Asian cooking and a dedicated storeroom — all highly sought-after features for high rise units," said Mohd Lotfy.

According to him, AZRB submitted a bid of RM28.9 million or RM170 per sq ft for the 1.6ha tract.

Mohd Lotfy said AZRB offered 10% of the project's gross sales value under revenue sharing terms with Kwasa Land, which is the master developer of Kwasa Land.

"The projected present value of the total return to Kwasa Land is RM44.9 million," he said.

Kwasa Damansara is a planned township within a 932ha (2,330 acre) Sungai Buloh tract, where the Rubber Research Institute Malaysia was formerly located.

At 5pm, AZRB shares closed unchanged at 58 sen for a market value of RM279.6 million. The stock saw 35,000 shares traded.