The new township project near Subang Airport finally has a developer - two years after the project was first announced.
After 20 Tier 1 developers were prequalified in June, Malaysian Resources Corporation Bhd (MRCB) has been appointed to undertake the development of the proposed town centre measuring a land area of 64.07 acres identified as Project MX-1.
The redevelopment of the Malaysia Rubber Board (RRIM) land is being handled by Employees Provident Fund's wholly-owned subsidiary Kwasa Land Sdn Bhd - which signed the deal with MRCB today.
In a statement, Kwasa Land chairman Tan Sri Samsudin Osman said Project MX-1 is to be a main town centre and catalyst to the entire 2,330 acres in the proposed Kwasa Damansara area - creating a thriving nucleus for a working and living population of 135,000 people.
While the entire 2,330 acres of land is slated for redevelopment, RRIM has retained 535 acres for its own institutional use.
The mixed development within Project MX-1 is to have an estimated gross development value of over RM8 billion and Kwasa Land said it had obtained a principal approval for the master layout plan from the Sah Alam City Council.
The project will be undertaken via a 70:30 joint venture with MRCB taking the lead and providing a profit warranty of RM2 billion.
Source: The Rakyat Post