Kwasa Land Sdn Bhd, the master developer of Kwasa Damansara and a unit of the Employee Provident Fund is expected to award the development rights of an 80-hectare (ha) plot within the 932-hectare township in Sg Buloh, Selangor this year.
People with knowledge on the matter said that the proposed township development will comprise mainly of landed and high-rise residential.
The estimated gross development value range between RM1.5 billion and RM1.8 billion, sources said.
A source described the land as "extremely strategic" given that it is not too far off from the central business district, where two mass rapid transit (MRT) stations - the Kwasa Damansara station and the Kwasa Sentral station - are located.
The source told NST Property that the township project had attracted a number of developers and they are mostly township builders.
He did not specify which developers are bidding for the 80ha plot.
The country's biggest township developers include Sime Darby Property Bhd, IJM Land Bhd, Gamuda Land, Goucoland (Malaysia) Bhd, and IOI Properties Group Bhd.
"A large parcel of land had gone out to tender prior to the movement control order (MCO) and the return of the tender was expected around April. But because of MCO, Kwasa Land has extended the submission of bids to July.
"The bids will be evaluated upon closing date by an independent panel of consultants and assessors," said the source.
The source said the condition is that there is a joint venture arrangement between the developer and Kwasa Land to make sure the former does well and comply with all the requirements.
The offer will be conditional upon the developer signing a definitive agreement within 30 days of receiving the offer letter, said the source.
"The developers have to submit their concept and their price on what they are going to do with the land. It is a mixed township development and the best comparison in terms of the proposed product mix and pricing is Ara Damansara," said the source.
Ara Damansara is a 296ha township by Sime Darby Property. It comprises low and high-rise residential homes, bungalows as well as commercial properties arrayed in dedicated garden precincts and commercial centres.
The 80ha plot is the biggest parcel that will be awarded by Kwasa Land since the first award in 2014.
The first parcel of land for development in Kwasa Damansara was awarded to Malaysian Resources Corp Bhd (MRCB) back in July 2014.
MRCB won a bid to develop 25.6ha, called Project MX-1, that has an estimated gross development value of RM8 billion.
