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Saturday, November 3, 2007

Magna Prima buys 4ha of KL land for development

By The Star

KUALA LUMPUR: Magna Prima Bhd yesterday sealed a deal to acquire 4.09 hectares of prime land along Jalan Kuching here for a mixed development project with a gross development value of about RM730mil.

The project is anticipated to kick off and launch for sales within the next six months with completion targeted for 2010, Magna Prima said in a statement.

Magna Prima will fully undertake the project, which will feature 20 units of three-storey shops; two blocks of 200 signature offices; one block of 15-storey offices; a hypermarket on the lower ground and ground floors; five levels dedicated to retail shops, departmentstores, a cineplex and bowling centre; two blocks of 800 service apartments and three levels of underground parking with about 5,000 bays.

The total gross development floor area is estimated to be 3.187 million sq ft, excluding the parking area.

“The acquisition of this land is in line with Magna Prima’s business model, which is purchasing land with development order for fast turnaround time,” executive director and chief executive officer Lim Ching Choy said.

“This development carries numerous potential and business opportunities, especially since it is located in a high density and established area with a high population,” he said. – Bernama

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