Gagasan Nadi Cergas Bhd has been given the development rights for a project in Serendah under the Rumahku Selangor programme with a projected gross development value of up to RM374.89 mil.
The construction and property development group said it inked the development rights agreement with Permodalan Negeri Selangor Bhd (PNSB) yesterday to develop terrace houses, semi-detached homes, terrace shop offices and townhouses on 34.72 hectares over a nine-year period.
“The group will also take on the marketing and selling of developed building units, subjected to relevant authority approvals,” Gagasan said in an Oct 2, 2020 statement.
“This follows the group’s previous announcement in July 2020 on the proposed Serendah project with Menteri Besar Incorporated (MBI) Selangor to build affordably-priced homes,” it added.
It said PNSB, a subsidiary of MBI Selangor, would be entitled to receive 15.5% of the GDV or a minimum guaranteed development rights value (DRV) of up to RM58.1 mil over the development period.
Gagasan Nadi Cergas group managing director Wan Azman Wan Kamal said the development project helped Selangor to unlock its land value, and ensured a steady pace of development in up-and-coming areas across the state in line with the government’s agenda in placing affordable home as the state’s priority.
“The Serendah project also includes construction works for amenities and infrastructures such as guardhouse, mosque, kindergarten, Tenaga Nasional Bhd substation, sewerage treatment plant and on-site detention pond,” he added.
The proposed development is located at the north of Kuala Lumpur and directly accessible via the Rawang Bypass. – Oct 3, 2020