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Wednesday, December 12, 2007

Magna Prima acquires site in Shah Alam

KUALA LUMPUR: Magna Prima Bhd has plans to offer a mixed development with a gross development value (GDV) of some RM112.5 million in Section 13, Shah Alam. Plans for the project include 378 apartments as well as a 15- storey office building.

In a filing to Bursa Malaysia on Dec 10, Magna Prima announced that it has entered into a sale and purchase agreement with Muafakat Kekal Sdn Bhd via its wholly owned subsidiary, Magna Shah Alam Sdn Bhd, to acquire the 4.78-acre site located in Section 13.

The land to be developed is linked by the Kesas Expressway, Elite Expressway, NKVE and Federal Highway. It is a five-minute drive to Subang Jaya via Federal Highway and 10 minutes away from Damansara via the NKVE.

According to the developer, the purchase consideration amounting to RM9 million was arrived at on a willing-buyer willing seller basis and it plans to fund the proposed acquisition through internally generated funds as well as bank borrowings.

The proposed acquisition will enable the Group to expand its land bank for development. Magna Prima’s board believes that the tract is located in a strategic location for development and contribution from the project will enhance the earnings of the Group.

Magna Prima also has another mixed development in Shah Alam’s Section 15 and it launched the leasehold Dataran Otomobil last year.

With a GDV of more than RM250 million, Dataran Otomobil comprises 870 apartments, 336 shop offices and 200 shop lots.

Magna Prima’s other projects include Magnaville condominiums in Selayang, the high-end Avare condominiums in the city centre and Casa Prima condominiums in Kepong.

By theSun (by Loo Pik Kwan)

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