21 May 2014

Developers rush to meet Kwasa Land deadline

  21 May 2014

By BUSINESS TIMES

RIGHT COMBINATION: Companies fine-tuning proposals for RM50b Sg Buloh township

PROPERTY developers are scrambling to meet the May 27 deadline to submit a proposal for the 24ha town centre project in the RM50 billion Kwasa Damansara township development in Sungai Buloh.

It is learnt that there has been no official proposals by any company so far for the proposed town centre project, which is expected to generate more than RM3 billion in gross development value.

In March, 20 Tier-1 developers were selected for a Request for Proposal (RFP) for the project.

They were selected by Kwasa Land Sdn Bhd, a unit of the Employees Provident Fund (EPF) and master developer of the township development, after meeting stringent criteria that include having shareholders or paid-up capital of RM1 billion and above. “We still have a bit of time to fine-tune our proposal. We want to make sure it is complete and has the right commercial and residential properties, layout, design, landscape, infrastructure and pricing. “Kwasa Land will go through the due process and review all the proposals, and then call for clarification. It would probably shortlist the top three, and after a board meeting, will announce the winner. This could take six months,” said one of the developers.

The RFP is meant to help Kwasa Land find a suitable development partner for the proposed town centre in a designated area identified as MX-1, on the provisional master layout plan. Of the 20 developers, only one will be awarded the project based on the merits of its submission. The 20 developers are SP Setia Bhd, Sunway Bhd, Tropicana Corp Bhd, UEM Sunrise Bhd, WCT Bhd, YTL Corp Bhd, Malaysian Resources Corp Bhd, Bandar Raya Developments Bhd, IJM Land Bhd, IOI Properties Bhd, DRB-HICOM Bhd, Eastern & Oriental Bhd, Gamuda Bhd, Mah Sing Group Bhd, Goldis Bhd, Guocoland Malaysia Bhd, Bandar Utama City Corp Sdn Bhd, I&P Group Sdn Bhd, Putrajaya Holdings Sdn Bhd and Perbadanan Kemajuan Negeri Selangor.

Under the RFP’s qualitative evaluation, tenderers are required to submit development concept and layout proposals for the MX-1 parcel based on approved plot ratio, development phasing, and unique features of the proposal, complete with overall planning layout, 3-D massing and landscape plans.

The whole development within the MX-1 land must be fully completed within 12 years. Under the quantitative evaluation, tenderers are required to submit the tender price on a per square foot basis along with their financial feasibility analysis.

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