02 June 2014

Six bid for EPF subsidiary Kwasa Land’s RM50bil Project MX-1

  02 June 2014

By THE STAR
PETALING JAYA: Following Kwasa Land Sdn Bhd’s invitation to 20 prospective companies pre-qualified as tier-1 developers in March, the wholly-owned subsidiary of the Employees Provident Fund has received six submissions for Project MX-1, a town centre in the proposed Kwasa Damansara development.
The entire development has a gross development value of RM50bil.
Kwasa Land, the master developer of the 2,330 acres, said in a statement that the six companies with timely submission bids were Guocoland Malaysia Bhd, Malaysian Resources Corp Bhd, Putrajaya Holdings Sdn Bhd, S P Setia Bhd, UEM Sunrise Bhd and YTL Corp Bhd. These tier-1 developers are large-scale companies with shareholders’ funds or paid-up capital of RM1bil and above.
Kwasa Land said that under the qualitative evaluations, bidders were 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, three-dimensional massing and landscape plans.
Property sales for the whole development within the MX-1 land area should be fully completed within 12 years. Bidders were also required to submit the tender price on a per-sq-ft basis along with their financial feasibility analysis.
The assessment process for MX-1 submissions would be carried out by an independent panel of consultants over two months.
Connected to the township are four expressways, two mass rapid transit stations and the nearby Skypark air terminal.
Kwasa Land is scheduled to invite tier-3 bumiputra developers for the inaugural bumiputra development and tier-2 developers for a residential development by the third and fourth quarters, respectively.
Tier-2 developers are companies with shareholders’ funds or paid-up capital of RM300mil and above, and tier-3 bumiputra companies are those with shareholders’ funds or paid-up capital of RM1mil and above.

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