Is it real? There will be another future development along Jalan Kuching by Magna Prima. This could be the first major development of Jalan Kuching after being forgotten for many years.

Magna Prima plans RM1bil 5-in-1 project

KUALA LUMPUR: Magna Prima Bhd will embark on a mega five-in-one integrated development at Jalan Kuching here this year.

Group managing director Steven Lee Kian Seng said the project, with a gross development value (GDV) of RM1.1bil, would comprise three-storey shop lots, eight-storey signature offices, two blocks of serviced apartments, a boutique hotel and a three-level retail mall.

KUALA LUMPUR: Magna Prima Bhd will embark on a mega five-in-one integrated development at Jalan Kuching here this year.

Group managing director Steven Lee Kian Seng said the project, with a gross development value (GDV) of RM1.1bil, would comprise three-storey shop lots, eight-storey signature offices, two blocks of serviced apartments, a boutique hotel and a three-level retail mall.

“We are thrilled to be embarking on this project which is Magna Prima’s biggest project to-date,” he said at the company’s annual dinner in Kuala Lumpur last Saturday.

Construction on the 10.23-acre freehold site will be undertaken in four phases, with the first phase to begin in July. The final phase is targeted for completion by the third quarter of 2012.

Lee said the project would re-affirm the company’s standing as a major award-winning property contractor and developer in the country.

“When I took over the management of Magna Prima in 2005, I had a heavy responsibility ahead of me. I had to re-energise a demoralised team and motivate them to work with me towards building a new Magna Prima into one of the country’s top property developers, and a prominent brand name in the region.

“Quality, innovation, hard work and teamwork will be the cornerstones of the new Magna Prima as we steer it towards profitability and growth,” he added.

On its award-winning “six-star” The Avare in Kuala Lumpur, Lee said it had won the CNBC Asia Pacific Property Award in the high-rise development category.

The Avare, he noted, was being built at a “breathtaking rate of seven floors a month and all 78 units sold within a year.”

Magna Prima posted a whopping 944% rise in pre-tax profit to RM37.6mil for the year ended Dec 31, 2007 from RM3.6mil in 2006. Revenue also rose by 326% to RM344.4mil.

Source: TheStar Online 

Another source of the story:

Magna Prima's Jalan Kuching

Slated to rise and tower above the neighbouring properties and become a landmark in the area, this 10.23 acres of super prime land strategically located along Jalan Kuching land will be the latest mega mixed commercial, office and residential development in the northern zone of the Federal Territory. With close vicinity to Kuala Lumpur City Centre, it will serve as the latest lifestyle mixed development project.


This proposed development project will feature 20 units of 3-storey shops; 2 blocks of 200 units of signature offices; 1 block of 15 storey offices; a hypermarket to occupy the lower ground and ground floors; 5 levels dedicated to retail shops, departmental stores, cineplex and bowling centre; 2 blocks of service apartments comprising 800-units and 3 levels of underground parking covering approximately 5,000 bays.

The total gross development floor area of this freehold land is estimated to be 3,186,706 square feet excluding the parking area. The land acquisition came in with a development order and an underpass from Jalan Kuching directly to the development, which will enhance the accessibility of the entire area.

This project will feature lifestyle elements that blend with landscaping and green aspects to enhance the environment that is suitable for shopping, work, play and living.

Expected sales launch: Q3, 2008
Target completion date: Q3, 2012

Source: http://www.skyscrapercity.com/showthread.php?t=618514

And another one here:

MAGNA PRIMA BERHAD POSTS RECORD NET PROFIT OF RM26.6M - FINAL DIVIDEND OF 7 SEN PER SHARE PROPOSED

Kuala Lumpur, February 28, 2008 – Magna Prima Berhad Today Released Its Financial Results For The Fourth Quarter Ended 31 December 2007 To Bursa Malaysia Securities Berhad.

For the whole of 2007, Magna Prima posted a 9.5-fold year-on-year increase in profit before taxation from RM3.60 million to RM37.63 million. For the last quarter of 2007 MPB registered a pre-tax profit of RM17.59m compared to RM6.59m in the same quarter of 2006.

After tax and minority interest MPB registered a profit of RM26.58 million compared to only RM0.12 million the previous year.

Net profit of RM26.58 million represents earnings per share of 52 sen and a Return on Equity of 30%. The company proposed a final dividend of 7 sen per share for the financial year ended 2007.

The sterling performance for 2007 was achieved on the back of higher revenue of RM344.44 million, or a 326% increase from the previous year. Revenue was driven largely by its “Dataran Otomobil” project in Shah Alam and “The Avare”, a 6-star luxury condominium project in KLCC area, which has been 100% sold by December 2007.

Listed on the 2nd Board of Bursa Malaysia under construction sector, Magna Prima Berhad whose principal activities include both property development and construction, underwent a change of major shareholders in 2005 followed by a change of top management in 2006. The year 2006 was the watershed year which saw the group turning around in its financial performance.

Magna Prima currently has 4 ongoing projects in Klang Valley, namely “The Avare”, a high-end luxury condominium project in KLCC area, “Metro Prima” project in Kepong, a mixed commercial development project in S15 of Shah Alam and “Magnaville” condominium project in Selayang.

Projects slated for launch soon are:
U1 SHAH ALAM
A 3-in-1 mixed development project in S13 of Shah Alam comprising:
· 13 units of shops,
· 53 units of SOHOs
· 378 units of service apartments
Target soft launching: April 2008

JALAN KUCHING
A 5-in-1 integrated development project featuring:
· 24 units 3-storey shops,
· 8-storey signature offices-192 units
· 2 apartment blocks -800 units
· 1 block 250-room hotel/SOHO
· 3-storey shopping mall
· 3 levels of basement & 3 levels of upper car park with total 6,000 bays
Target soft launching: June 2008

Lim Ching Choy, Executive Director and Chief Executive Officer of MPB, said, “Throughout 2007, the group has persevered in it’s unrelentless efforts to achieve this remarkable result. The announcement has set a new benchmark for Magna Prima Berhad and with two new development projects namely U1 Shah Alam & Jalan Kuching to be launched soon, we look forward to an even better year”.

With unbilled sales of RM250 million and estimated future Gross Development Value of RM1.7 billion from its ongoing and upcoming projects, prospects for the 2008 financial year is expected to improve further.

ISSUED BY REPUTATION MERCATUS MALAYSIA ON BEHALF OF MAGNA PRIMA BERHAD

Source: http://mrem.bernama.com/viewsm.php?idm=10244