Gagasan Nadi Cergas Berhad announced that it has signed a Development Rights Agreement with Kwasa Damansara for an affordable housing project worth over RM1 billion in gross development value
The partnership is to undertake these housing projects within the Kwasa Damansara township where Gagasan through its subsidiary will 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.
The ccompany said it 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.
