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KUALA LUMPUR, Jan 14 -- Gagasan Nadi Bhd has appointed its indirect subsidiary, Nadi Emery Sdn Bhd, to carry out a proposed affordable housing project in Kwasa Damansara Township, Selangor.
In a filing with Bursa Malaysia today, Gagasan Nadi said its unit has entered into two development rights agreements (DRAs) with Kwasa Development (13) Sdn Bhd (KD13) for the proposed development on the two parcels known as Plot R4-1 and Plot R4-2, with a combined acreage of 15.83 hectares in Sungai Buloh.
The proposed project has an estimated gross development value (GDV) of RM1 billion, involving the construction of 3,990 units of affordable housing.
Priced at RM250,000 per unit, each unit will have a built-up area of 1,000 square feet, with three bedrooms and two bathrooms.
Nadi Emery was incorporated in March 2020 and is a subsidiary of Nadi Cergas Development Sdn Bhd, which in turn, is a subsidiary of Gagasan Nadi.
According to the filing, Gagasan Nadi secured a contract from Kwasa Land Sdn Bhd to develop affordable housing on Oct 22, 2021.
KD13 is a subsidiary of Kwasa Land Sdn Bhd, which in turn, is a wholly-owned subsidiary of the Employees Provident Fund.
Development of Plot R4-1 is to be completed within 36 months of the development rights agreement, while Plot R4-2, 48 months from date of the agreement.
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