SHAH ALAM: Construction and property group Gagasan Nadi Cergas Bhd is advancing its commitment to affordable housing in Kwasa Damansara, signing a Development Rights Agreement (DRA) recently for affordable homes worth over RM1 billion in GDV.
In partnership with Kwasa Development (15) Sdn Bhd (KD15), a subsidiary of Kwasa Land Sdn Bhd (Kwasa Land), Gagasan Nadi Cergas via its unit Nadi Emery (KKD2) Sdn Bhd (NESB) signed the DRA to undertake these housing projects within the Kwasa Damansara township.
The DRA requires NESB to pay KD15 RM35.6 million in total for the development rights to design and construct 4,183 units of affordable housing on a 34.9-acre parcel of land.
Kwasa Land will act as the master developer for this project. This marks Gagasan Nadi Cergas’ second collaboration with Kwasa Land, following the groundbreaking of another project of 1,669 affordable housing units on Plot R4-1 in Kwasa Damansara last year.
Gagasan Nadi Cergas Bhd group managing director Datuk Wan Azman Wan Kamal said: “The DRA signing marks the continuation of our partnership with Kwasa Land, as we work together to ensure an ample supply of affordable homes in Malaysia, particularly in Selangor, where the population continues to grow rapidly in tandem with the state’s robust economy.”
He added that boosted by its strategic location and proximity to the two MRT stations within Kwasa Damansara township and the Damansara–Shah Alam Elevated Expressway, the project is bound to be well received by homebuyers, much like the enthusiastic response to their previous launch of Idaman Kwasa Damansara on Plot R4-1.
Furthermore, he said the market value range of these homes is affordable yet earnings-accretive, supporting the future growth of their rapidly expanding property development segment.
Gagasan Nadi Cergas will fund the entire development through a combination of internally generated funds and bank borrowings.
Currently, the group is also developing approximately 6,000 Rumah Idaman affordable housing units in both Bukit Jelutong and Kwasa Damansara, as well as over 1,000 Idaman Amani affordable housing units in the City of Elmina.
The DRA signed will not only see the group now delivering more than 11,000 affordable homes over the next eight years but also further strengthen its position as a leading property developer in the growing affordable housing market.
