Magna Prima unit to buy land

KUALA LUMPUR: Magna Prima Bhd’s wholly owned subsidiary Monetary Icon (M) Sdn Bhd has entered into a conditional agreement with Seri Dinar Project Development Sdn Bhd to buy from the latter 5.56ha of freehold land and parcels of leasehold land totalling 6.79ha in Gombak, Selangor, for RM40.5mil cash.

Magna said in a filing with Bursa Malaysia that the group’s development plans, for which Seri Dinar has obtained a development order, comprise shoplots, apartments, houses and a clubhouse.

The estimated gross development value is RM130mil, of which the gross profit margin is expected to be about 20%.

By The Star