Sungai Buloh: Sunsuria Bhd’s indirect wholly owned subsidiary, Sunsuria Damansara Sdn Bhd (SDSB), has signed a development rights agreement (DRA) with Kwasa Development (13) Sdn Bhd (KD13), a unit of Kwasa Land Sdn Bhd, to undertake a residential project in Sungai Buloh, Selangor. The project has an estimated gross development value of RM492 million.
According to BERNAMA News Agency, Kwasa Land Sdn Bhd is a wholly owned subsidiary of the Employees Provident Fund Board and serves as the master developer of Kwasa Damansara. In a filing with Bursa Malaysia, Sunsuria revealed that the project will include 520 residential units, featuring both landed homes and condominiums. These will be delivered in phases, with the initial phase set to launch in the third quarter of 2026.
KD13 has granted SDSB the rights to develop and sell the residential units on the designated land in line with approved plans. This will be at SDSB’s own cost and in compliance with applicable laws and the terms of the DRA. SDSB is set to pay KD13 a total of RM88.63 million for the land, known as Development Rights Value 1 (DRV 1). An initial payment of RM8.86 million, representing 10 percent of DRV 1, will be made upon signing the DRA, with the remaining RM79.77 million due within nine months or by December 15, 2025, whichever comes first.
Furthermore, SDSB will provide KD13 with an additional payment equivalent to one percent of the gross sales value of the development, labeled as Development Rights Value 2 (DRV 2). This payment is due within six months after each phase’s certificate of completion and compliance is issued. SDSB guarantees that DRV 2 payments will total at least RM4.92 million.
In a separate statement, Sunsuria’s group chief executive officer, Tan Wee Bee, highlighted the development’s mix of terraced housing and high-rise residences, aimed at supporting multi-generational living. He emphasized Sunsuria’s commitment to innovative and inspiring spaces, citing past developments like Sunsuria City and Bangsar Hill Park.
Kwasa Land managing director, Datuk Adenan Md Yusof, expressed that this partnership represents another milestone in creating a vibrant and sustainable township. The development is founded on principles of being ‘Green, Connected and Inclusive’, fostering community engagement and environmental responsibility.