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Friday, June 12, 2009

Magna Prima to launch RM700m projects in 2nd half

PROPERTY developer Magna Prima Bhd will launch three projects worth over RM700 million in the second half of 2009 to boost its income.

Its new chief executive officer Loo Kent Choong said it will launch One Jalil, a gated development in Bukit Jalil featuring 109 units of superlink homes worth RM85 million, in the third quarter.

By December, it will launch Magna Prima City, a RM600 million gated residential project along Jalan Kuching in Kuala Lumpur.

"Magna Prima is well poised given that it has potential landbank in prime areas in the Klang Valley.

"We hope to maintain our 2008 net profit and revenue this year. Sales from our on-going projects have been good," he said after the company's shareholders meeting in Selayang yesterday.

For the year to December 31 2008, Magna Prima posted a net profit of 27.28 million on revenue of RM344 million.

Its on-going projects are Magna Ville in Selayang, U1 Shah Alam and Dataran Otomobil.

An accountant, Loo said he joined Magna Prima as there was tremendous potential for it to grow. Magna Prima was in the limelight recently for various reasons.

Its CEO Lim Ching Choy and group managing director Datuk Steven Lee Kian Seng resigned in May. Lim is now the group managing director of Ho Hup Construction Co Bhd.

In March, Magna Prima announced a deal to buy 1.05ha of prime land in Jalan Ampang, Kuala Lumpur, from the Lai Meng Girls School Association for RM148 million.

The school association has confirmed that it would move to a site in Bukit Jalil, Loo said.

Magna Prima plans to build a 50-storey Class A office building, a 38-storey serviced apartment tower, and a two-level retail podium, worth RM1.3 billion on the existing school site.

It aims to start work in 2012.

By Business Times (by Sharen Kaur)

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