Magna Prima to develop billion ringgit projects

by **Cals** Fri 31 May 2013, 12:07

Magna Prima to develop billion ringgit projects
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 31 May 2013 11:00

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KUALA LUMPUR: This year will be a new milestone for MAGNA PRIMA BHD [] as it moves over from million to billion ringgit developments, said CEO Datuk Rahadian Mahmud Mohd Khalil.

He said the Magna Ecocity development in Shah Alam, with a gross development value (GDV) of RM1.4 billion, will commence in the third quarter of the year.

“Next year, we will start work on another project in Jalan Ampang with a GDV estimated at RM2 billion and set for completion within five years,” he told Bernama after the company AGM yesterday.

Magna Prima, whose focus has so far been in the Klang Valley, is a niche developer of integrated lifestyle themed projects that usually attract robust take-up rates.

Rahadian said the company is now looking for opportunities outside the Klang Valley and is eyeing states like Penang.

He said Magna Prima is confident of recording better results for the 2013 financial year (FY13), following the handover of a few projects this year.

“We will most likely do better this year with some projects set for completion, namely Alam d’16 in Shah Alam, One Sierra (Selayang) and Seri Jalil (Bukit Jalil),” he said.

He said the company is not looking to acquire any more landbank this year, following its recent RM60 million acquisition in Sunway Mentari, Petaling Jaya. It will instead focus on the development of its current projects.

An artist’s impression of Magna Ecocity in Shah Alam.
The investment holding company recorded revenue of RM196.45 million for FY12 ended December, while unbilled sales reached approximately RM520 million, helped by the progress of One Sierra, Alam d’16 and U1 Shah Alam.

The group also recently launched phase two of its Boulevard Park project in Jalan Kuching, which will contribute significantly to its bottom line moving forward.

This article first appeared in The Edge Financial Daily, on May 31, 2013