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ENRICHING tHE FUtURE ENRICHING NAtIoNAL PRoGRESS ENRICHING StAKEHoLDER VALUE ENRICHING SUStAINABLE IMPACt

FINANCIAL CAPItAL (CONtINuED)

SuBSIDIARY REVIEW
Our property development arm, KWEST Sdn Bhd unit condominium and a 528-unit serviced apartment
(KWEST) currently has two ongoing projects boasting a complex on Andaman Island, with GDV of RM434 million Poland Türkiye
combined gDV of RM22 billion being Andaman Island and RM631 million respectively. For Compass, the
Phase 1 in Penang and Compass @ Kota Seri Langat. completion of the SME Precinct’s construction is targeted Norway Sweden
These developments have a gross Development Value for the fourth quarter of 2024. Additionally, Compass will China
(gDV) of RM21 billion and RM1 billion respectively. initiate the approval process with relevant authorities Denmark
and commence infrastructure development for the MIP. Finland India
Andaman Island Phase 1 is a joint venture between KWEST remains committed to pursuing real estate Luxembourg
renowned developer Eastern & Oriental (80%) and development opportunities, with a particular emphasis Netherlands
KWEST (20%), representing Penang’s premier integrated on the local market, in alignment with the government’s
mixed-use development spread across 253 acres of land. Ekonomi MADANI framework. Ireland Japan
Canada
In May 2023, KWEST’s investment in Andaman Island UK South Korea
Phase 1 attained greenRE Platinum Provisional USA
Certification in the township category. Notably, the Germany Taiwan
serviced apartments, The Meg and Arica, also secured
greenRE Platinum Provisional Certification in the Mexico Morocco Hong Kong
residential category, underscoring our dedication to Portugal Malaysia
sustainability. UAE Philippines
Spain Vietnam
Launched in March during the year, Arica which has a gDV Brazil
of RM392 million and 380 units, achieved an exceptional France Thailand
sales rate of 87% by the same year end, merely after eight Switzerland
months of launching. This success follows that of the Singapore
inaugural development, The Meg with gDV RM700 million Italy South Indonesia
Africa
and 1,020 units had fully sold out within 12 months since
its January 2022 launch. Austria Saudi Arabia Australia
Artist impression of The Lume, Fera Courtyard Terraces and Senna
KWEST’s second project, Compass @ Kota Seri Langat Semi Detached Homes on Andaman Island
(Compass) is a collaboration between Permodalan
Nasional Berhad (60%), KWEST (20%) and AREA (20%).
Spanning 220 acres in Banting, Selangor, it comprises
an SME Precinct offering 62 units of terrace, semi-D,
detached factories, industrial plots and a Managed
Industrial Park (MIP) poised to serve as a hub for local
and foreign industrialists. As at 31 December 2023, the
SME Precinct achieved a 37% sales rate.
Looking forward to 2024, KWEST anticipates the launch
of a few landed properties, Fera Courtyard Terrace (51
units) and Senna Semi-Detached Homes (18 units), with
a combined GDV of RM270 million, alongside a 261- Site photo of Compass @ Kota Seri Langat as at June 2024

52 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) i INtEGRAtED REPoRt 2023