MAGNA Prima Bhd, a property developer, has agreed to buy two pieces of land in Kuala Lumpur for some RM58 million from Muafakat Baru Sdn Bhd.
It plans to build properties worth some RM730 million on the 4.1ha of land located next to Jalan Kuching and the intersection between Jalan Kuching, Jalan Ipoh and Jalan Kepong.
It will use internal funds or borrowings to pay for the land, which already has a development order from City Hall. Magna Prima will build a shopping mall and two blocks of service apartments, among others, it said in a statement to Bursa Malaysia yesterday.
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