SUNSURIA'S UNIT SIGNS DRA WITH KWASA LAND FOR RM492 MLN SUNGAI BULOH RESIDENTIAL PROJECT

KUALA LUMPUR, April 17 (Bernama) -- Sunsuria Bhd’s indirect wholly owned subsidiary, Sunsuria Damansara Sdn Bhd (SDSB), has entered into a development rights agreement (DRA) with Kwasa Development (13) Sdn Bhd (KD13), a unit of Kwasa Land Sdn Bhd, for a residential project in Sungai Buloh, Selangor, with an estimated gross development value of RM492 million.

Kwasa Land Sdn Bhd is a wholly owned subsidiary of the Employees Provident Fund Board and the master developer of Kwasa Damansara.

In a filing with Bursa Malaysia, the property developer said the upcoming project, comprising landed homes and condominiums, will feature 520 residential units and will be delivered in phases, with the first phase expected to launch in the third quarter of 2026.

The company said KD13 grants SDSB the rights to develop and sell residential units on the subject land, in accordance with the approved plans, at its own cost and expense, and subject to applicable laws and the terms and conditions of the DRA.

It noted that SDSB will pay KD13 a total of RM88.63 million for the land cost, referred to as Development Rights Value 1 (DRV 1).

“Of this, RM8.86 million (10 per cent of DRV 1) will be paid upon signing the DRA, while the remaining RM79.77 million will be paid within nine months of the DRA date or by Dec 15, 2025, whichever comes first,” it said.

Additionally, SDSB will pay KD13, an amount equal to one per cent of the gross sales value of the development or Development Rights Value 2 (DRV 2), payable within six months after the certificate of completion and compliance is issued for each phase.

SDSB also guarantees that the total DRV 2 payments will be no less than RM4.92 million, it added.

In a separate statement, Sunsuria's group chief executive officer Tan Wee Bee said their development in Kwasa Damansara would offer a thoughtful mix of terraced housing and high-rise residences, designed to support multi-generational living.

“Our proven track record with landmark developments such as Sunsuria City, Bangsar Hill Park, and Sunsuria Forum reflects our commitment to delivering innovative and inspiring spaces.

“We are delighted to embark on this strategic partnership with Kwasa Land and look forward to a successful and forward-thinking collaboration on this exciting new development,” he said.

Meanwhile, Kwasa Land managing director Datuk Adenan Md Yusof said the partnership marks another milestone in their journey towards building a vibrant and sustainable new township founded on the ethos of ‘Green, Connected and Inclusive’.

“Together, we will create spaces that not only reflect innovation and growth but also foster community engagement and environmental responsibility,” he said.

-- BERNAMA