PETALING JAYA: Naza TTDI Sdn Bhd will undertake a residential development on 12.7 acres in the iconic township of Kwasa Damansara which will have a gross development value (GDV) of RM400mil.

Kwasa Land Bhd said its unit and landowner Kwasa Development (3) Sdn Bhd had signed a development rights agreement for Plot R2-1 with development partner Naza TTDI Sdn Bhd for the project which would comprise 278 residential units.

Kwasa Land managing director Datuk Mohd Lotfy Mohd Noh said: “The six-year development is expected to generate an approximate GDV of RM400mil.”

“Upon completion, Kwasa Land’s financial return based on net present value will be RM88mil which is equivalent to RM160 per sq ft inclusive of the revenue guarantee,” he added.

Mohd Lotfy signed on behalf of Kwasa Land while Naza TTDI was represented by its deputy executive chairman and group managing director SM Faliq SM Nasimuddin.

Also present were Kwasa Land chairman Tan Sri Samsudin Osman and Naza TTDI chairman, SM Nasarudin SM Nasimuddin.

The development on leasehold land comprises of 278 units of garden villas with built-up area ranging from 1,200 sq ft to 2,800 sq ft.

The development key highlight features are a thematic park, contemporary designs, private green courtyards and recreational club facilities with advance key security features.

The residential development has been planned to be a gated and guarded/enclave community.

SM Faliq said the concept behind the development was to create an environment that foster community living and also to provide homes with a sense of security and tranquility.

He expected the launch of the project to be in the third quarter of 2016.

Kwasa Land said in R2-1, more than 1.8 acres would be used for a central park which is a vehicular- free zone.