Magna Prima plans projects worth RM700mil GDV next year

by **hlk** Fri 09 Dec 2011, 19:15

KUALA LUMPUR: Magna Prima Bhd will launch property projects with gross development value (GDV) totalling RM700mil next year.
These
included Boulevard Business Park Phase 2 in Jalan Kuching, Kuala
Lumpur, consisting of serviced apartments with a GDV of RM220mil, executive director Datuk Rahadian Mahmud Mohammad Khalil said.
He
was speaking to reporters after an agreement signing for the sale of
the company's U1 office tower blocks to the Al-Madinah International
Foundation. The 15-storey single tower in Shah Alam with about 92,700 sq
ft of gross floor space has a GDV of RM29mil.
The Middle
Eastern-based educational foundation, which will be the sole tenant,
will rename the building MIF Tower and will make it its headquarters.
[You must be registered and logged in to see this image.] Rahadian (left) exchanging documents with Al-Madinah International Foundation chairman Professor Ahmad A A Al-Sheha.
Rahadian
said Magna Prima would also launch the second phase of its Alam d'16
consisting superlink homes in Shah Alam with a GDV of RM210mil and its
first overseas property project, Dynasty Living, in Melbourne,
Australia, with the remaining unsold GDV of RM270mil.
“We will
offer this remainder of the Australian apartments, which have been 60%
sold so far, to locals in January 2012. This development is located in
the central business district opposite Victoria Market, a very prime
location,” he said.
Rahadian said the Australian system for
selling properties was different from Malaysia as “Australia practices
the build-then-sell concept, which means Magna Prima would not be able
to realise revenue from its Australian development until the handover is
done”.
“We have to build first while the initial 10% deposit
paid by buyers will be placed in a trust fund. We use our own money to
build for the time being,” he added.
Rahadian said property sales
were expected to remain good next year. “We think there are concerns
for office space but the outlook for residential property market remains
good,” he said.