Gadang Holdings Bhd is set to acquire a 21.08-acre land in Kwasa Damansara for RM114.78 million, intending to develop it into a residential project.

The land purchase is facilitated by Gadang's subsidiary, Elegance Sonata Sdn Bhd, from Kwasa Development (3) Sdn Bhd.

A sum of RM76.40 million has already been paid under a 2017 development rights agreement, and the remaining RM38.38 million will be financed through a mix of internally generated funds and bank borrowings.

The development, with 628 condominium units and 152 double-storey terraced houses, holds an estimated gross development value of RM700 million over a minimum period of five years, with the project set to commence in the second half of 2024.

The acquisition provides flexibility in launching the development based on market conditions.