KUALA LUMPUR: MAGNA PRIMA BHD [] is acquiring a piece of property in Melbourne's central business district for A$26 million and plans a project with an indicative gross development value of A$210 million.
Magna Prima said on Thursday, June 30 it would build a 25-storey residential development with 320 apartments on the 2,700 sq metres site. It added 62% of the apartments has already been sold.
'The indicative gross development value is A$210 million and the indicative gross development cost is A$148 million. CONSTRUCTION [] is expected to commence during the 4th quarter of 2011, and expected to be completed in 2013,' it said.
Magna Prima said the development was in line with the company's plan of putting a strong footing for growth and the maiden project in Australia will be its first step in placing Magna on the global map.
Magna Prima said on Thursday, June 30 it would build a 25-storey residential development with 320 apartments on the 2,700 sq metres site. It added 62% of the apartments has already been sold.
'The indicative gross development value is A$210 million and the indicative gross development cost is A$148 million. CONSTRUCTION [] is expected to commence during the 4th quarter of 2011, and expected to be completed in 2013,' it said.
Magna Prima said the development was in line with the company's plan of putting a strong footing for growth and the maiden project in Australia will be its first step in placing Magna on the global map.
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