Kwasa Damansara set to become a new growth centre in Selangor

 By NST Property/Kathy B. - October 3, 2023 

The Kwasa Damansara township is located on land previously owned by the Rubber Research Institute. Image credit: www.kwasadamansara.com.my

KUALA LUMPUR: Is the 2,620-acre Kwasa Damansara township ramping up after a few quiet years as a result of the pandemic?

Except for the Employees Provident Fund's (EPF) new headquarters, the Green Building Index Platinum-rated EPF Tower, which was completed in June last year, no significant developments in Kwasa Damansara have been reported in recent years.

The 12-storey EPF Tower was inaugurated in May of this year by Prime Minister Datuk Seri Anwar Ibrahim.

According to Sr. Anthony Chua, executive director of KGV International Property Consultants, Kwasa Damansara is set to become a new growth centre in Selangor.

"It is expected to surpass the adjoining Kota Damansara, which was successfully transformed into a modern, thriving township, but that expectation has faded as not much development news has emerged recently. 

"The developments that were planned are targeted for high-end; hence, the developers may have held back in light of the challenging post-pandemic market," he told NST Property.

However, Chua said there is no doubt that Kwasa Damansara has the ingredients to succeed, as its master plan is infused with various infrastructure, green components, excellent connectivity with two MRT stations, and the recent linkage to the DASH Highway via the RRIM (Kwasa Damansara) Interchange.

The Employees Provident Fund's new headquarters, EPF Tower, which was inaugurated in May of this year by Prime Minister Datuk Seri Anwar Ibrahim.

The EPF's wholly-owned subsidiary, Kwasa Land Sdn Bhd, is the master developer of the Kwasa Damansara township, which is located on land previously owned by the Rubber Research Institute in 2010.

The township occupies a total land area of about 1,064 hectares, comprising both freehold and leasehold.

According to reports, Kwasa Land completed the purchase of the site in 2012 for RM2.28 billion.

Datuk Adenan Md Yusof, managing director of Kwasa Land, reportedly said in April that the township will see increased activity by the middle of this year when developers begin to launch their projects.

According to him, the gross development value (GDV) of Kwasa Damansara is estimated to be between RM50 billion and RM60 billion. 

Kwasa Damansara will take between 20 and 25 years to complete. The area is expected to serve 200,000 residents and provide 100,000 job opportunities once completed.

YTL Corp Bhd, MRCB Land Sdn Bhd, Gadang Holdings Bhd, TSR Capital Bhd, Gagasan Nadi Cergas Bhd, Impiana Land & Development Sdn Bhd, and Exsim Group are among the developers at Kwasa Damansara.

MRCB Land Sdn Bhd will launch its first residential project in Kwasa Damansara City Centre (KDCC) called Tujuh Residences.

New launches in Kwasa Damansara

Gadang's unit, Elegance Sonata Sdn Bhd, was awarded the development rights to a 21.08-acre plot known as R3-1 within the township in 2017.

According to Yu Kang Huai, managing director of Gadang Land Sdn Bhd, the company will launch Laman Waringin at the site next year.

He told NST Property that the proposed development, with an estimated GDV of RM707 million, will include 152 units of double-storey terrace homes and 668 units of condominiums.

"Earthworks have been underway since February 2023. Last month, we also began construction on our sales gallery and show unit," he said.

Yu said that Gadang Land planned to launch Laman Waringin in September 2024 and that the project would take six years to complete.

Meanwhile, MRCB Land announced last week that it will launch Tujuh Residences, its first residential project in Kwasa Damansara City Centre (KDCC).

Tujuh Residences is a 29-storey development with 573 serviced residences ranging from one to three bedrooms and dual-key units and a GDV of RM384 million.

Tujuh Residences, according to Malaysian Resources Corp Bhd group chief operating officer Kwan Joon Hoe, is poised for high capital growth as KDCC development progresses in the coming years.

"Our experience in developing Kuala Lumpur Sentral and the data depicted from other city centre developments show that commercial developments drive the success of any Central Business District (CBD).

"KDCC, being the new CBD of the Kwasa Damansara township, will be no exception, as 56 per cent of the entire development is dedicated to commercial development, with only 13 per cent of the entire city centre earmarked for residential components," he said.

Source: https://www.nst.com.my/property/2023/10/962443/kwasa-damansara-set-become-new-growth-centre-selangor