KUALA LUMPUR: Gagasan Nadi Cergas Bhd rose to a record high in early trade Monday after securing a contract from Kwasa Land Sdn Bhd to develop an affordable housing project in Selangor.

       The developer rose 4.62%, or 1.5 sen to 34 sen at 9.14am. Year-to-date, the counter has risen about 9.6%.

       Gagasan Nadi Cergas has secured a contract from the Employees Provident Fund's wholly-owned subsidiary Kwasa Land Sdn Bhd to develop an affordable housing project in Selangor with a gross development value of RM1bil.

       Gagasan Nadi Cergas said it has accepted the letter of award from Kwasa Land for the proposed development of two parcels of land in Kwasa Damansara Township, Petaling, Selangor with a total land size of approximately 39.12 acres.

       The proposed development will consist of approximately 3,990 units of affordable residential housing with an estimated construction value of RM750mil.