The Employees Provident Fund's unit, Kwasa Land Sdn Bhd, will call for tenders in February for the development of its RM50 billion ($15 billion) township project in Sungai Buloh, Selangor. There has been huge response to the 932ha project, with 150 developers already showing interest. This is making it a challenge
The Employees Provident Fund's unit, Kwasa Land Sdn Bhd, will call for tenders in February for the development of its RM50 billion ($15 billion) township project in Sungai Buloh, Selangor.
There has been huge response to the 932ha project, with 150 developers already showing interest. This is making it a challenge for Kwasa's pre-qualification committee to limit the qualifying number to 60 of the best.
Tenders for the 1st phase of the development will be called next month, said Kwasa Land managing director Mohd Lotfy Mohd Noh.
"We intend to work with the best," he said, adding that the master plan for the township, to be called Kwasa Damansara, has been submitted to the Selangor state government for evaluation and approval.
He said upon obtaining approvals from the state authorities, the 1st parcel of 25.6ha will be developed into a modern state-of-the-art town center and transport hub, in partnership with Tier 1 developers.
Tier 1 developers are large-scale companies with a paid-up capital or shareholders fund of at least RM1 billion ($303 million).
The town centre will comprise 70% commercial and 30% residential components.
Besides the town center, residential developments of 4ha to 5ha each will be tendered out to Tier 2 and Tier 3 Bumiputera developers.
Tier 2 developers are medium-scale companies with a paid-up capital or shareholders fund of at least RM300 million ($91 million), while Tier 3 developers are Bumiputera companies with a paid-up capital or shareholders fund of RM1 million ($303 thousand) and above.