KUALA LUMPUR: The Employees Provident Fund Board (EPF) and Malaysian Resources Corporation Bhd (MRCB) will undertake mixed development on the 64-acre site in the Rubber Research Institute land in Sungai Buloh, Selangor.
The Project MX-1 will have a gross development value (GDV) of over RM8bil, they said in a joint statement on Thursday.
EPF’s unit Kwasa Land Sdn Bhd and MRCB had on Thursday signed a shareholders agreement for the project which will define the scope, terms and conditions.
Kwasa Land and MRCB will set up a special purpose vehicle (SPV) company known as Kwasa Development (2) Sdn Bhd.
“The agreement would also see MRCB warranty a profit of RM2bil to the SPV company in which MRCB has taken up a 70% stake at a subscription price of RM816.6mil while the remaining 30% stake is held by Kwasa Land,” the statement said.
The MRCB proposal had also received the highest combined technical and commercial score in the independently evaluated bid.
Representing Kwasa Land at the signing were its chairman Tan Sri Samsudin Osman and managing director Mohd Lotfy Mohd Noh while MRCB was represented by its group managing director Tan Sri Mohamad Salim Fateh Din and chief financial officer, Ann Wan Tee.
Samsudin said Project MX-1 would be a main town centre and catalyst to the entire 2,330 acres in the proposed Kwasa Damansara, “one which will create a thriving nucleus for a working and living population of 135,000 people.”
Kwasa Land had obtained a principal approval for the master layout plan from the Majlis Bandaraya Shah Alam.
The full approval is expected before the end of the year with infrastructure works to kick-off by the first quarter of 2015.
Kwasa Land will be inviting Tier 3 Bumiputera developers for the inaugural Bumiputera development by the third quarter of 2014.
~ By THE STAR
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