PETALING JAYA: Construction group Gagasan Nadi Cergas Bhd has secured a project from Employees Provident Fund-owned Kwasa Land Sdn Bhd to build 4,183 affordable residential units in Kwasa Damansara township at a gross development value (GDV) of RM1bil.

Gagasan Nadi said it had accepted a letter of award (LoA) from Kwasa Land to develop the affordable housing project on a 34.9-acre plot of land.

The LoA encompasses Gagasan Nadi paying Kwasa Land RM35.6mil for the said land. Kwasa Land will be the master developer of the project.

The latest LoA will be Gagasan Nadi’s second undertaking with Kwasa Land, after breaking ground on the construction of 1,669 affordable housing units in Plot R4-1 of Kwasa Damansara last year.

In a statement, Gagasan Nadi group managing director Wan Azman Wan Kamal said: “With this project in hand, our ongoing property development are worth RM3.6bil in GDV that will provide earnings visibility until 2032.

“We are grateful to Kwasa Land for partnering with us for the development of this project and we are keen to support Kwasa Land’s dynamic efforts to make Kwasa Damansara an affordable, modern and sustainable township.”

He also said the group’s commitment to building high-quality, affordable homes will help more B40 and M40 Malaysians realise their dream of becoming homeowners and elevate their standard of living.

Gagasan Nadi is slated to deliver up to 14,000 affordable housing units in Greater Kuala Lumpur over the next eight years. The group’s other affordable housing projects include the ongoing Idaman Bukit Jelutong, which has a take-up rate of 91% to date.

Its completed projects include the recently opened mosque at the Merdeka 118 tower in Kuala Lumpur and the Cardiology Centre at Serdang Hospital.

Gagasan Nadi is primarily involved in four business segments – building construction, provision of facilities management services, operations of district cooling system for the supply of chilled water and electricity distribution, and property development.