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GAGASAN NADI CERGAS' UNIT INKS DRA TO DEVELOP RM1 BLN GDV PROJECT

09/12/2024 08:45 PM

 KUALA LUMPUR, Dec 9 (Bernama) -- Gagasan Nadi Cergas Bhd's unit, Nadi Emery (KKD2) Sdn Bhd (NESB),  has signed a Development Rights Agreement (DRA) with Kwasa Development (15) Sdn Bhd (KD15) on the development of an affordable housing project with a gross development value (GDV) of over RM1 billion.

KD15, a subsidiary of Kwasa Land Sdn Bhd (Kwasa Land) has signed the DRA to undertake housing projects within the Kwasa Damansara township, and Kwasa Land will act as the master developer for the project.

"The DRA requires NESB to pay KD15 RM35.6 million in total for the development rights to design and construct 4,183 units of affordable housing on a 14.12-hectare land," Gagasan Nadi Cergas said in a statement today.

The project marks Gagasan Nadi Cergas’ second collaboration with Kwasa Land, following the groundbreaking of another project of 1,669 affordable housing units on Plot R4-1 in Kwasa Damansara last year.

Gagasan Nadi Cergas group managing director, Datuk Wan Azman Wan Kamal said the DRA marks the continuation of the company's partnership with Kwasa Land, as both parties work together to ensure an ample supply of affordable houses in Malaysia, particularly in Selangor, where the population continues to grow rapidly in tandem with the state’s robust economy.

Gagasan Nadi Cergas will fund the entire development through a combination of internally generated funds and bank borrowings.

The group is also developing approximately 6,000 Rumah Idaman affordable housing units in Bukit Jelutong and Kwasa Damansara, as well as over 1,000 Idaman Amani affordable housing units in the City of Elmina.

The DRA signed today will see the group delivering more than 11,000 affordable homes over the next eight years and strengthen its position as a leading property developer in the growing affordable housing market.

The group’s construction segment is resilient with a RM462 million order book.

Its recently completed projects include the Sakura Residence apartments in Putrajaya, the mosque at the Merdeka 118 tower in Kuala Lumpur, and the Cardiology Centre at Serdang Hospital. 

-- BERNAMA

 

 

 


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