Gagasan Nadi said it has accepted the LOA from KWASA Land Sdn Bhd a wholly owned subsidiary of Employees Provident Fund as its development partner to develop affordable housing on one parcel of land in KWASA Damansara Township, with a total land size of approximately 34.86 acres.
The Development Land is located within the vicinity of the future city centre of KWASA Damansara and the Proposed Development will consist of 4,183 units of affordable residential housing with an estimated gross development value of RM1 billion and estimated construction cost of RM750 million.
Accordingly Gagasan Nadi will pay KWASALAND the Land Consideration Value totalling RM35.55 million. The group views the Proposed Development to contribute positively to its future earnings and net assets.
However until the agreement is executed, the LOA will be valid, binding and effective from the date of acceptance.
