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EPF subsidiary Kwasa pre-qualifies candidates for Sungai Buloh township project

[ 27-01-2014 ]
EPF subsidiary Kwasa pre-qualifies candidates for Sungai Buloh township project

KUALA LUMPUR: Kwasa Land Sdn Bhd, a wholly owned subsidiary of Employees Provident Fund (EPF), has completed a pre-qualification exercise that has attracted 152 developers for the proposed Kwasa Damansara township.

Kwasa Land said its pre-qualification was carried out to select top development partners for an iconic township development on 2,330 acres of prime land in the heart of the Klang Valley.

It said in a statement that the objectives of the exercise were to look for the best talented, highly experienced and financially capable companies to participate in the various developments to ensure the project’s success in meeting public expectations.

Analysts said potential winners would likely be those with strong track record including those with EPF parentage and government-linked companies such as S P Setia Bhd, Eastern & Oriental Bhd, Sime Darby Bhd, Desa Parkcity Bhd, WCT Holdings Bhd, Glomac Bhd and IJM Land Bhd.

Kwasa Land announced that it projected to generate RM50bil in gross development value (GDV) over the next 20 years from this project in Sungai Buloh.

It also said the masterplan for the township had been presented to the State Government for evaluation and approval.

Due to the huge land size, the township would be developed into eight precincts, each with its own urban design guidelines.

Kwasa Land managing director Mohd Lotfy Mohd Noh said the company had reviewed the credentials of the 152 developers against the three tiers that the company outlined in its list of criteria, both quantitative and qualitative.

“The evaluation was meticulous and it surpassed our expectations. We are pleased that the industry has shown a keenness to participate in this massive development project,” Lotfy said.

He added that Kwasa Land was looking for experienced property developers with a strong track record and who had successfully completed developments with a high GDV for the past three years.

The request for proposal (RFP) for the first development of the project would be announced in a few weeks time.

According to Kwasa Land, three tiers or categories were sought for the pre qualification. They were Tier 1 for large-scale companies with shareholders’ or paid-up capital of RM1bil and above; Tier 2 – companies with shareholders’ funds or paid-up capital of RM300mil and above and Tier 3 – bumiputra companies with paid-up capital of RM1mil and above.

The township development is expected to create abundant opportunities for developers and contractors to participate in developing residential and commercial properties, main infrastructures and public amenities for an expected population of 150,000.

It will also incorporate an integrated transportation system that links the township via Mass Rail Transit to the rest of Klang Valley. A 5.5 km green park of 160 acres will also be among the highlights of this new development.