By Khairie Hisyam
Ahmad Zaki Resources Bhd (AZRB) and Getrahome Sdn Bhd have edged out 19 other pre-qualified bumiputera bidders for two residential projects in the Employees Provident Fund’s (EPF) Kwasa Damansara development, collectively worth nearly RM500 million in gross development value (GDV).
In a statement today, Kwasa Land Sdn Bhd, the wholly-owned EPF subsidiary mandated as strategic developer for the project, said AZRB was awarded the R3-4 project through its subsidiary Ahmad Zaki Sdn Bhd, while Getrahome was awarded the R3-3 project.
Both successful bidders are required to finalise and sign the development rights agreement within 60 days of the letter of award, said Kwasa Land.
According to Kwasa Land, AZRB’s R3-4 project has an estimated GDV of RM257 million, while Getrahome’s R3-3 has an estimated GDV of 215 million. The estimated present values of the total returns to Kwasa Land from the projects are RM44.9 million and RM43.5 million respectively.
Measuring 3.91 acres of freehold land, AZRB’s R3-4 project proposes to develop 188 units of 162-storey twin-tower condominiums and 26 units of garden villas. The company tendered RM28.95 million in total land cost, equivalent to RM170 per square foot (psf) and also offered 10% of the project’s gross sales value as revenue sharing to Kwasa Land.
On the other hand, Getrahome’s R3-3 project is on a 6.52-acre leasehold land with a density of 260 residential units, said Kwasa Land. The land parcel fronts a 28-acre town park.
Getrahome tendered a total land cost of RM42.6 million or RM150 psf, added Kwasa Land, who will receive 7% of the project’s gross sales value as revenue sharing.
Kwasa Land had invited 21 pre-qualified bumiputera bidders to submit their proposals for the projects on May 14 this year. The submission of tender documents closed Aug 6.
It is the fourth request for proposal (RFP) to date for Kwasa Damansara, the EPF’s 2,330-acre township development that will be connected with two mass rapid transit (MRT) stations as well as four expressways.
In end-September, Kwasa Land announced that it has awarded the main town centre development job worth RM127 million, coded MX-1, to infrastructure player WCT Holdings.
This was followed by the award of the R2-1 residential development to Naza TTDI Sdn Bhd, a proposed residential development on a 12.7-acre land area. For this project, Kwasa Land expects a nett present value of return of RM88 million or roughly RM160 psf.
The MX-1 job was awarded under the Tier 1 category, which comprises large-scale companies with shareholders’ funds or paid-up capital of RM1 billion and above. Meanwhile, the R2-1 project was awarded under the Tier 2 category, meaning for companies with shareholders’ funds or paid-up capital of RM200 million and above.
Tier 3, under which AZRB and Getrahome won the bidding process for R3-4 and R3-3 respectively, is for bumiputera companies with shareholders’ funds or paid-up capital of RM1 million and above.
Apart from R3-4 and R3-3 Kwasa Land had also awarded another project under Tier 3, namely the R3-2 development, to Impiana Land & Development Sdn Bhd. The project has a GDV of RM400 million and will see 436 residential units built over 8.79 acres.
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