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Saturday, September 1, 2012

Dijaya keen to tender for Kwasa Land projects in Sungai Buloh

DIJAYA Corp Bhd has been open in saying it is keen to tender for jobs on the Rubber Research Institute Malaysia (RRIM) land now bought over by Kwasa Land Sdn Bhd once the pre-qualification process starts.

Deputy managing director Dickson Tan feels Dijaya is the best partner for EPF to jointly develop the southern portion of the RRIM land as part of Dijaya's land borders the RRIM land.

“We note that our Tropicana Golf and Country Club is located at the southern part of the RRIM land and we stand to have strategic advantage in tendering for the land when the opportunity arises,” he says.

Presently, Tropicana Golf Resort wraps around a major part of their land. In terms of accessibility and pricing, it would make a lot of sense to develop next to an established development. It would not be a problem for Dijaya to relocate a few golf holes to make way for a flyover or access road to connect Petaling Jaya to the RRIM land.

Astramina Advisory managing director Wong Muh Rong says that in order to be successful in executing big projects, it is better to have big companies joining forces.

“It is easier to have big companies teaming up. Property companies should go for the next level of mergers and acquisitions. If two property companies bid together, they have a much stronger balance sheet, and from there, you see the big multiplier effect,” says Wong.

She adds that if it were a single company, perhaps it only had the capability to develop just 200 acres. However if it were two companies, perhaps by virtue of their size, they get to develop 1,000 acres, and from there, the multiplier effect becomes very obvious.

Earlier in the week, Kwasa Land Sdn Bhd, a wholly owned subsidiary of the Employees Provident Fund announced that it had finalised the purchase price of RM2.28bil for 2,330 acres of prime Rubber Research Institute land in Klang Valley. It is the master developer for this township.

In a statement, Kwasa Land said that the proposed township development is expected to create abundant opportunities for developers and contractors to participate in developing residential and commercial properties, main infrastructures and public amenities for an expected population of 150,000.

The planning is now in an advanced stage with the township development expected to commence in 2013. Among the key features in the design and layout plan is a development hub comprising modern residential, commercial, recreational and educational facilities.

It will also incorporate an integrated transportation system that links the township via MRT to the rest of Klang Valley. A 7.5km green park of 160 acres will also be among the highlights of this new development.

The master plan is being finalised for submission to the Selangor State Planning Committee for approval.

Kwasa Land chairman Tan Sri Samsudin Osman in a statement says that Kwasa Land will soon be calling for the pre-qualification of developers. The land will be divided into parcels, developed in phases, and sold to developers according to plot ratios, development components and in conformance with the urban design guidelines by Kwasa Land.

“We are looking for experienced property developers with strong track record and who have successfully completed developments with a high gross development value for the past 2 to 3 years.” said Samsudin in the statement.

By The Star

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