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Categories
| Magna Prima buys land for higher-end housing |
| Business & Market 2009 | |||
| Written by Financial Daily | |||
| Monday, 02 March 2009 22:22 | |||
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Magna Prima said the land formed part of the undeveloped portions of the ongoing Bandar Bukit Jalil development scheme, a fairly large private housing development. Notable housing schemes in the vicinity include Bukit OUG, Bandar Kinrara, Taman Puncak Jalil, Taman Damai Utama, Alam Sutera, Taman Bukit Serdang, Taman Kinrara and the ongoing Mutiara Bukit Jalil. Bukit Jalil's major shareholders are Ho Hup Construction Company Bhd (70%) and UEM Group Bhd (30%). Magna Prima said the proposed acquisition was in line with the group's corporate strategy to develop pocket-sized land in high-density areas, with easy accessibility and significant gross development value, for the development of lifestyle-themed projects with a short turnaround time. It said the projects would cater for middle- to high-income residents from the surrounding areas seeking gated and guarded lifestyle properties. It proposed to build 80 double-storey terrace houses and 22 semi-detached houses at an estimated gross development value of RM81 million, with a gross profit margin of 20%. Magna Prima expects to start development in the second half of the year.
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