Friday 29 Mar 2024
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KUALA LUMPUR (Oct 2): Construction group and concessionaire Gagasan Nadi Cergas Bad has bagged another project in Serendah, Selangor with a gross development value (GDV) of up to RM374.9 million. 

The group today signed the development rights agreement (DRA) with Permodalan Negeri Selangor Bhd (PNSB), the subsidiary of Menteri Besar Incorporated (MBI) Selangor, to enter the next phase of its affordable home contract in Serendah.  

The nine-year project on 85.8 acres of land encompasses terrace houses, semi-detached homes, terrace shop offices and townhouses under the Rumah SelangorKu programme, said Gagasan Nadi Cergas in a statement today. 

The group said it will also take on the marketing and selling of developed building units, subjected to relevant authority approvals. 

The development will be funded by a combination of internally-generated funds and bank financing, the exact mix of which will be determined later, the group said. However, no contract value was disclosed. 

Under the agreement, PNSB will be entitled to receive 15.5% of the GDV or a minimum guaranteed development rights value of up to RM58.1 million over the development period of nine years. 

“Partnering PNSB in this Serendah development project helps the state to unlock its land value and ensure a steady pace of development in up-and-coming areas across the entire state,” said Gagasan Nadi Cergas group managing director Haji Wan Azman Wan Kamal, adding that the government is placing the affordable home agenda in the forefront of the state’s priority. 

“The signing of the DRA is a positive advancement for this project and enables the state to leverage on our integrated business model, from design and build to marketing and delivery to the ultimate homebuyers,” he added. 

Besides construction of affordable houses, the development project also includes construction works for amenities and infrastructures such as guard house, mosque, kindergarten, Tenaga Nasional Bhd substation, sewerage treatment plant and on-site detention pond. 

In July, Gagasan Nadi Cergas bagged a RM40.02 million contract with MBI to develop affordable housing on a 12.89-acre parcel of land to develop the freehold land in Serendah. 

The project, which land would be developed into 108 units of two-storey terrace houses and 40 units of Rumah SelangorKu townhouses, has an estimated GDV of RM60.79 million and will take four years to complete. 

Shares of Gagasan Nadi Cergas closed one sen or 4.17% higher at 25 sen today, valuing the group at RM188.25 million. 

Edited ByS Kanagaraju
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