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Monday, March 12, 2012

Proud moment for developer

Matter of significance: (from left) CK Designworks Managing Director Domenic Crisante, Rahadian and Siti officially launching the event together with Magna Prima Berhad Executive Director Datuk Mohd. Rizal Abdullah (right).

PROPERTY developer, Magna Prima Berhad officilaly announced its first step into the regional market with the launch of its maiden overseas project, The Istana recently.

The Istana is a 25-storey single tower residential apartment situated on A’Beckett Street in Melbourne, Australia — a prime address in the heart of Melbourne’s Central Business District.

Datuk Siti Nurhaliza officially launched the event in JW Marriott Hotel KL.

Siti also purchased the “royal address” at The Istana, Melbourne.

Magna Prima Berhad’s executive director Datuk Rahadian Mahmud said: “The launch of The Istana is highly significant as it marks our foray into the regional market. In fact, this maiden regional project actually expedites our 10-year vision for a regional presence.”

Formerly known as Dynasty Living, The Istana spreads over more than 27,000sq ft and has 320 units comprising studio units, apartments and double-storey penthouses.

The name change was a strategic move to better reflect the character of the property and to add a touch of Malaysia.

To date, The Istana has attracted a 62% take up among Australian and other international buyers. The remaining 38% (120 units) will be marketed to Malaysians and expatriates living here. The units are priced from A$340,000 (approximately RM1.1mil) and are targeted for completion in 2014.

By The Star

EPF to allot projects in Sungai Buloh by June

The Employees Provident Fund (EPF), which is charged to lead the development of the proposed prime township sited at Rubber Research Institute of Malaysia (RRIM) land in Sungai Buloh, Selangor, is expected to start distributing portions of the long-awaited project by June.

EPF chief executive officer Tan Sri Azlan Zainol said it will start calling for tenders, which are open to all strong property developers in the country to participate in.

“The project is going through some legal issues and then it will go through the bidding process.

“The development will be spread out over several phases and each phase will be around 12.15ha-20.25ha portions for the development of projects from commercial, residential, industrial, affordable housing and shophouses,” he told Business Times in an interview at EPF’s headquarters here recently.

Previously managed by RRIM, the 1,215ha land was slated for development over the next 10-15 years, as announced in the 2010 Budget , but until now the project has not taken off.

On May 12, 2010, the government had approved the proposal for the development of the Sungai Buloh land by Kwasa Land Sdn Bhd, a wholly-owned subsidiary of the EPF.

The EPF will have a master plan where it will allocate a few parcels and allow property developers to bid for those parcels, of which some parcels will be operated on a joint-venture basis while others may be sold outright via bids.

The development is likely to feature a big linear park, green lungs, open spaces, walkways and water bodies.

It will incorporate information technology and data infrastructure (Multimedia Super Corridor city status) and urban transportation integration.
This development will also house the depot for the upcoming mass rapid transit system.

Dubbed the new hub of the Klang Valley, the development is expected to attract RM5 billion in investments.

By Business Times

We have funds to develop the park in Shah Alam, Federal Govt tells Selangor

SHAH ALAM: Putrajaya does not agree with the intention of the Selangor Government to sell off part of the Shah Alam National Botanical Garden.

Instead, the Federal Government wants to lease the entire park from the state government.

Agriculture and Agro-based Indus­tries Minister Datuk Seri Noh Omar said the state government had proposed to take over the management of the park, which had been handled by the ministry since it was developed in 1986.

“The state has proposed to sell 100 acres (40.5ha) of the park to raise RM100mil which will be put into a trust fund to manage the park.

“The ministry does not agree with this proposal. If it leases the park to us, we have the funds to develop it without having to sell any land,” he said after visiting the botanical garden here.

He added that the 817ha park was a biodiversity reservoir with 422 plant species.

Noh said the ministry had allocated RM116mil to develop the park over five years from 2010 to 2014.

He also pointed out that the state government had signed a memorandum of understanding (MoU) with the ministry in 2006 to gazette the park as a forest reserve and to lease it to the Federal Government for 60 years.

“Unfortunately, what was planned did not materialise as the current state government has refused to sign the lease agreement.

“The state government should honour the understanding between state and federal governments,” he said.

He added that an official agreement needed to be signed as the MoU was not legally binding.

Since the park was commissioned 26 years ago, Noh said the Federal Government had spent RM236mil to develop it without signing any lease agreement.

“It was based on an understanding. It was easy in the past as both (state and federal) governments were Barisan Nasional,” he said.

By The Star