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Monday, August 27, 2012

Magna Prima plans RM1b jobs

Magna Prima Bhd, a niche property developer, has lined up several new launches in Kuala Lumpur and Selangor with a projected gross development value (GDV) of more than RM1 billion.

First out of the blocks will be Phase II of a residential tower at the Boulevard Business Park in Jalan Kuching, Kuala Lumpur.

Magna Prima chief executive officer Datuk Rahadian Mahmud Mohammad Khalil said the project will see the construction of 330 units of serviced apartments with a GDV of RM220 million.

"We have not finalised the actual name (for the project). We are just calling it Boulevard Business Park at the moment. We may change the name at a latter stage," he told Business Times.

Rahadian said the company plans to hold a soft-launch for the project soon and, similar to its previous launches, the developer is confident of securing a high take-up rate for the units.

"We have yet to launch the project but a lot of people have already registered their interests, a lot more than the number of units that we offer. So we can tell there will be a high take-up rate," he said.

The units are priced at between RM414,200 and RM832,000 each.
Rahadian said the company is also looking to develop a mixed residential and commercial project on its recently acquired 8ha plot in Shah Alam.

"We will be submitting all the plans for approval this year and hopefully, we can launch the project in the first quarter of next year," he said.

Early in June, Magna Prima announced that its unit, Magna Ecocity Sdn Bhd, was acquiring the 8ha for RM100 million.

The company said the GDV of the proposed development was estimated at RM832.67 million and the total development cost was estimated to be RM624.83 million with an expected gross profit of RM207.84 million.

Apart from this, Rahadian said the company is also planning the development of two blocks of residential apartments in Shah Alam.

"This project, with a projected GDV of RM240 million, is slated to be launched in the third quarter of next year, probably in September," he said.

By Business Times

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