Kwasa Damansara - RRI Land Development, Sungai Buluh

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Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby lonelyplanet » Tue Aug 28, 2012 9:57 pm

EPF unit buys RRI land for RM2.28b

The announcement of the finalised purchase price for the Rubber Research Institute land prompts a rebound in Malaysian Resources Corp Bhd share prices.

THE Employees Provident Fund's wholly-owned Kwasa Land Sdn Bhd yesterday announced that it has finalised the purchase price of RM2.28 billion for the Rubber Research Institute (RRI) land from the government, prompting a rebound in Malaysian Resources Corp Bhd (MRCB) share prices.

MRCB, which was speculated to play a major role in the development of the land, saw its shares rise to a high of RM1.70, before closing up six sen to RM1.67. The 932ha site in Sungai Buloh, Selangor, will be developed into a township called Kwasa Damansara with an expected population of 150,000.

The land will be divided into parcels, developed in phases, and sold to developers according to plot ratios, development components and in conformance with the urban design guidelines by Kwasa Land. "We will soon be calling for the pre-qualification of developers to participate in the creation and building of an iconic township that will be the toast of the town in the coming years," Kwasa Land chairman Tan Sri Samsudin Osman said.

The company is looking for experienced property developers with strong track record and successfully completed developments with a high gross development value (GDV) for the past two to three years. "The development will incorporate plans that are befitting of a city replete with infrastructure and modern facilities, both residential and commercial that aim to serve the entire Damansara region, if not the Klang Valley," Samsudin said in a statement yesterday.

The development planning is now in an advanced stage with the iconic township development expected to commence in 2013, he added. Among the key features in the design and layout plan is a development hub comprising modern residential, commercial, recreational and educational facilities.

It will also incorporate an integrated transportation system that links the township via MRT (mass rapid transit) to the rest of Klang Valley. A 7.5km green park of 64ha will also be among the highlights of the development.

The master plan is being finalised for submission to the Selangor State planning committee for approval.
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Re: Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby lonelyplanet » Tue Aug 28, 2012 9:58 pm

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Re: Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby Jet » Tue Aug 28, 2012 10:01 pm

64ha reserved for green park.....i likey!

imo, sps and mrcb shld be the two key devs to develop this jewel crown.

sure many tkttttts want a piece of this devp and going for 1st bite.....keke
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Re: Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby lonelyplanet » Tue Aug 28, 2012 10:04 pm

Bidding process for RRI land to start by year-end

The prequalification process for bids for the Rubber Research Institutes of Malaysia (RRI) land in Sungai Buloh, Selangor, will start by the end of this year, says a source close to the Employees Provident Fund (EPF). The source said EPF would call for the prequalification bids as soon as it gets the government's nod for the proposed development of the land.

Pre-qualification bids would be opened to developers who meet the requirements, he said. "EPF will pen out the requirements and post them on its website soon. Among the criteria are strong financing, expertise, reputation and innovation," the source said. EPF is the land owner and master developer of the project.
It is buying 890ha of the available 1,215ha RRI agricultural land from the Federal Government for over RM2 billion.

The pension fund is expected to carve out the land in parcels of 20ha to 200ha each, depending on the use of it. The idea is to build low-end to luxury housing and commercial properties. The balance of the RRI land is to house the Malaysian Rubber Board hub (217ha) and the My Rapid Transit (MRT) Sungai Buloh depot (72ha).

The master planning for the land development is being carried out by EPF's wholly-owned unit, Kwasa Land Sdn Bhd. An official from the EPF said Malaysian Resources Corp Bhd (MRCB) was not involved in the master planning.
"MRCB's involvement in the project is on an arm's length basis. Like other developers, they will also have to bid for the land parcels
," the official told Business Times.

EPF has a controlling stake in MRCB, the master developer of the KL Sentral project in Brickfields, Kuala Lumpur. It is understood that several property players like Glomac Bhd, Mah Sing Group Bhd and Gadang Holdings Bhd have presented their ideas to the EPF.

The redevelopment of the RRI land forms part of the greater Kuala Lumpur Strategic Development initiative, a project under the 10th Malaysia Plan. The southern portion of the RRI land, which includes parcels bordering the Tropicana Golf & Country Resort, falls under the jurisdiction of the Petaling Jaya City Council. The northern portion, which houses the MRT depot, comes under the purview of the Shah Alam City Council.
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Re: Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby Carpediem » Tue Aug 28, 2012 10:15 pm

As expected, all the big guns will bid for it. Really prime area to miss out on
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Re: Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby Roy » Tue Aug 28, 2012 10:28 pm

The name "Kwasa Damansara" sounds weird though.

Well, at least they didnt name it Najib Exchange

=)
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Re: Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby seancorp » Tue Aug 28, 2012 11:24 pm

with 1k ha green lung gone, will it be hotter in damansara? Somehow this part of damansara is cooler than say puchong and klang and not sure if it's because of the green lung...

anyway.... The idea is to build low-end to luxury housing and commercial properties..... better save bullets liao :gun: :gun: :gun:
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Re: Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby Roy » Tue Aug 28, 2012 11:45 pm

I've got a feeling that with all the hype, its gonna be launched at very ambitious prices anyway.
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Re: Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby lonelyplanet » Tue Aug 28, 2012 11:47 pm

seancorp wrote:anyway.... The idea is to build low-end to luxury housing and commercial properties..... better save bullets liao :gun: :gun: :gun:

Hope it will be another booming area. The surronding areas might be benefited, like
a) Sierramas/Valencia, Tan n Tan still have 50% undeveloped land on the north east
b) Denai Alam/Cahaya SPK @ West
c) Ara Dsara @ South East
d) Kuang/Kundang/ Rawang @ North
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Re: Kwasa Damansara - RRI Land Development, Sungai Buluh

Postby butthead » Wed Aug 29, 2012 8:30 am

A fren was saying surrounding prices is like rm500psf. Hence, can we expect price to be around rm500psf for high rise residential? Also, which is more feasible, buying in RRIM or in KL since price is around rm500psf. I feel KL properties tends to appreciate faster compared to PJ. Also, leasing out in KL would be easier as compared to PJ which has many residential properties.
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