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Tuesday, June 5, 2012

Magna Prima plans RM832m mixed property project in Shah Alam

KUALA LUMPUR: Magna Prima Bhd's unit is acquiring 20 acres of land in Bandar Shah Alam for RM100mil for a proposed mixed residential and commercial project with a total gross development value (GDV) of RM832mil.

It said on Tuesday that Magna Ecocity Sdn Bhd (MESB) had signed a conditional sale and purchase agreement with PCM Bina Sdn to purchase the land.

MESB would pay RM70mil to PCM and settle the outstanding RM30mil via the issuance of 1.114 million new shares or at about RM26.92 per MESB Share.

Magna Prima said MESB would undertake the overall development of a mixed residential and commercial project, comprising 180 three-storey shop offices and 1,620 residential apartments.

"The gross development value of the proposed development is estimated at RM832.67mil and the total development cost is estimated to be RM624.83mil with an expected gross profit of RM207.84mil. The proposed development is expected to commence in 2013 and is estimated to be completed by 2016," it said.

By The Star

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