Wednesday, December 28, 2011

Magna Prima plans high-end property projects with RM1.6 bln GDV

KUALA LUMPUR (Dec 28): Magna Prima Bhd (MPB) is set to develop high-end property projects with an estimated gross development value (GDV) of more than RM1.6 billion in Jalan Ampang, Kuala Lumpur, and Jalan Gasing, Petaling Jaya, Selangor.

MPB, an investment holding company, aims to develop a commercial development project comprising two towers, residential units and a hotel in Jalan Ampang, as well as a mixed-development project in Jalan Gasing.

"The Jalan Ampang project is expected to start next year and the Jalan Gasing one in 2013," said executive director Datuk Rahadian Mahmud Mohd Khalil.

On MPB's ongoing 25-storey single-tower residential apartment project in Melbourne, Australia known as Dynasty Living, he said 62 per cent of a total of 320 units had been sold.

The remaining 122 units are expected to be launched in February next year in Kuala Lumpur, he said after the company's extraordinary general meeting (EGM) here on Wednesday..

The project is expected to be completed in 2013 and will contribute to the company's revenue with a gross profit of US$15 million (RM48.26 million) after 2013.

Other MPB ongoing projects -- in Shah Alam, Bukit Jalil and Selayang as well as the Jalan Kuching project -- are expected to contribute in the next two years.

On future projects, he said MPB is always looking to acquire more land for landed residential property and commercial shop lot projects.

On the industry's outlook, he said landed property would remain at current levels after taking into account this year's demand and sales performance but believed there would be an over-supply of commercial and office property.

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