PETALING JAYA: Construction group Gagasan Nadi Cergas Bhd has secured a contract from Kwasa Land Sdn Bhd to build 4,183 affordable residential units for the Kwasa Damansara project at a gross development value (GDV) of RM1 billion.
Gagasan Nadi Cergas accepted a letter of award (LoA) from Kwasa Land, a wholly owned subsidiary of the Employees Provident Fund, to develop the affordable housing project on a 34.9-acre parcel of land. The award encompasses Gagasan Nadi Cergas paying Kwasa Land RM35.6 million for the land.
Kwasa Land will be the master developer of the project. The LoA will be Gagasan Nadi Cergas’ second undertaking with Kwasa Land, after breaking ground on the construction of 1,669 affordable housing units in Plot R4-1 of Kwasa Damansara last year.
Gagasan Nadi Cergas managing director Wan Azman Wan Kamal said, “With this project in hand, our ongoing property development projects are worth RM3.6 billion in GDV that will provide earnings visibility until 2032. We are grateful to Kwasa Land for partnering with us for the development of this project, and we are keen to support Kwasa Land’s dynamic efforts to make Kwasa Damansara an affordable, modern, and sustainable township.”
He added that their commitment to building high-quality, affordable homes will help more B40 and M40 Malaysians realise their dream of becoming homeowners and elevate their standard of living.
Gagasan Nadi Cergas is slated to deliver up to 14,000 affordable housing units in Greater Kuala Lumpur over the next eight years. The group’s other affordable housing projects include the ongoing Idaman Bukit Jelutong, which has a take-up rate of 91% to date.
The group’s notable completed projects include the recently opened mosque at the Merdeka 118 tower in Kuala Lumpur and the Cardiology Centre at Serdang Hospital.
