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Friday, December 9, 2011

Magna Prima plans projects worth RM700mil GDV next year

Rahadian (left) exchanging documents with Al-Madinah International Foundation chairman Professor Ahmad A A Al-Sheha.

KUALA LUMPUR: Magna Prima Bhd will launch property projects with gross development value (GDV) totalling RM700mil next year.

These included Boulevard Business Park Phase 2 in Jalan Kuching, Kuala Lumpur, consisting of serviced apartments with a GDV of RM220mil, executive director Datuk Rahadian Mahmud Mohammad Khalil said.

He was speaking to reporters after an agreement signing for the sale of the company's U1 office tower blocks to the Al-Madinah International Foundation. The 15-storey single tower in Shah Alam with about 92,700 sq ft of gross floor space has a GDV of RM29mil.

The Middle Eastern-based educational foundation, which will be the sole tenant, will rename the building MIF Tower and will make it its headquarters.

Rahadian said Magna Prima would also launch the second phase of its Alam d'16 consisting superlink homes in Shah Alam with a GDV of RM210mil and its first overseas property project, Dynasty Living, in Melbourne, Australia, with the remaining unsold GDV of RM270mil.

“We will offer this remainder of the Australian apartments, which have been 60% sold so far, to locals in January 2012. This development is located in the central business district opposite Victoria Market, a very prime location,” he said.

Rahadian said the Australian system for selling properties was different from Malaysia as “Australia practices the build-then-sell concept, which means Magna Prima would not be able to realise revenue from its Australian development until the handover is done”.

“We have to build first while the initial 10% deposit paid by buyers will be placed in a trust fund. We use our own money to build for the time being,” he added.

Rahadian said property sales were expected to remain good next year. “We think there are concerns for office space but the outlook for residential property market remains good,” he said.

By The Star

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