KUALA LUMPUR (Nov 4): Ahmad Zaki Resources Bhd (AZRB) has been appointed as the development partner of Kwasa Land Sdn Bhd, to undertake a proposed residential development with an estimated gross development value (GDV) of RM257 million.

In a filing with Bursa Malaysia today, the construction outfit said its wholly-owned subsidiary Ahmad Zaki Sdn Bhd has received a letter of award (LoA) from Kwasa Land, in relation to the appointment.

According to the filing, the proposed development will sit on a 3.91-acre land in the Kwasa Damansara Township, which entails the building of 188 high-rise residential units.

The project is expected to have an estimated GDV of RM257 million.

"The LoA shall be subject to the execution of a Development Rights Agreement with Kwasa Land within 60 days of the LoA," it added.

AZRB expects the award to contribute positively to its future earnings and net assets.

Shares in AZRB closed unchanged at 64 sen, for a market capitalisation of RM306.11 million. -- theedgemarkets.com

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