Magna Prima acquires site in Shah Alam

KUALA LUMPUR: Magna Prima Bhd has plans to offer a mixed development with a gross development value (GDV) of some RM112.5 million in Section 13, Shah Alam. Plans for the project include 378 apartments as well as a 15- storey office building.

In a filing to Bursa Malaysia on Dec 10, Magna Prima announced that it has entered into a sale and purchase agreement with Muafakat Kekal Sdn Bhd via its wholly owned subsidiary, Magna Shah Alam Sdn Bhd, to acquire the 4.78-acre site located in Section 13.

The land to be developed is linked by the Kesas Expressway, Elite Expressway, NKVE and Federal Highway. It is a five-minute drive to Subang Jaya via Federal Highway and 10 minutes away from Damansara via the NKVE.

According to the developer, the purchase consideration amounting to RM9 million was arrived at on a willing-buyer willing seller basis and it plans to fund the proposed acquisition through internally generated funds as well as bank borrowings.

The proposed acquisition will enable the Group to expand its land bank for development. Magna Prima’s board believes that the tract is located in a strategic location for development and contribution from the project will enhance the earnings of the Group.

Magna Prima also has another mixed development in Shah Alam’s Section 15 and it launched the leasehold Dataran Otomobil last year.

With a GDV of more than RM250 million, Dataran Otomobil comprises 870 apartments, 336 shop offices and 200 shop lots.

Magna Prima’s other projects include Magnaville condominiums in Selayang, the high-end Avare condominiums in the city centre and Casa Prima condominiums in Kepong.

By theSun (by Loo Pik Kwan)

Platinum Victory offers unique concept

PETALING JAYA: Setapak-based property developer Platinum Victory Sdn Bhd will be offering special, limited terraced units on a condominium podium at the latest phase of its Setapak Lake City project. Currently, the development only consists of condominium units and shop lots.

Its marketing manager Gary Gan (pix) says this first-of-its-kind product was introduced based on feedback from customers who are interested in landed properties in the area, which are very
limited and quite costly due to high land prices.



“There will be eight units available for sale, which will be constructed on the fourth floor podium of the condominiums, where all the facilities like the clubhouse, swimming pool, and gymnasium are located,” he told theSun.

He added that the terraced units would be priced from RM600,000 and the developer intends to complete them before selling them. “We want to show potential buyers exactly what we are offering with the completed units,” he said.

The 7-acre Phase 3 of Setapak Lake City comprises 970 condo units, priced at RM216,000 onwards, with built-ups ranging from 1,313 sq ft for the smallest units to 3,500 sq ft for the
penthouses. The units will have the new added feature of two living rooms, incorporated also based on feedback from customers.

Gan said the first block, consisting of 485 units is open for registration and about 200 units have been taken up. To be officially launched in March 2008, it is targeted to be ready by 2010 with a gross development value of RM200 million.

“Despite the increase in construction costs, our units are still affordable compared to similar developments in the area. We are offering bigger units with only a slight increase in the price,” he added. For comparison, Phase 1 has units with built-ups of 1,272 sq ft priced from RM175,000 while Phase 2 units, priced at RM200,000 onwards, have built-ups of 1,303 sq ft.

Setapak Lake City is a 140-acre leasehold mixed development project comprising high-rise residential blocks, shoplots and a 3-storey shopping centre. The development is expected to be fully completed by 2017 with a GDV of RM2 billion.

Meanwhile, Platinum Victory’s 32-acre freehold Taman Melati Utama project nearby is close to completion with only one more phase (PV 2) to be launched next year, consisting of high-end condominiums and shop lots. Its latest phase, PV 8, has already sold 60% to 70% of the 600 units since its launch in March. The units have built-ups ranging between 1,500 sq ft and 1,800 sq ft, priced at RM300,000 onwards.

Gan said the profile of the buyers in both developments consist mainly of young couples and expatriates, possibly due to the strategic location and good accessibility. They are minutes away from Kuala Lumpur’s city centre via Jalan Genting Klang - Jalan Tun Razak, and connected to Ampang and Petaling Jaya via the Middle Ring Road 2 (MRR2).

“Despite the difference in the tenure of the land, both projects are equally wellreceived as the location and pricing are more important factors to consider,” he said, adding that the group aims to launch and sell at least 1,000 units a year.

By theSun (by Yap Yew Jin)

CIMB launches property mart

CIMB Group's Special Asset Management (GSAM) division has launched CIMB Property Mart, a showroom for properties to be sold by the group nationwide.

The property gallery, the first to be set up by a bank in Malaysia, allows the public to browse the properties on sale, learn about the auction process and obtain financing, all in one place.

Group chief executive officer Datuk Nazir Razak said there are about RM600 million worth of properties and land up for sale throughout the country by both CIMB Bank and CIMB Islamic.


We hope to raise the profile of auction properties

"By setting up the CIMB Property Mart as an alternative sales channel, we hope to raise the profile of auction properties," he said in a statement.

He said staff will be on hand at the property gallery to answer questions on the properties, the auction process as well as the financing packages.

"In future, we hope to leverage on the group's regional presence and use CIMB Property Mart to attract foreign property investors into the Malaysian property market," Nazir said.

The properties up for sale mainly comprise apartments, landed properties, development land and shop lots located nationwide, with the majority of them in Selangor, Wilayah Persekutuan, Negri Sembilan and Johor.

By New Straits Times

Investment outlook to remain positive in 2008

MALAYSIA'S investment outlook in 2008 is expected to remain positive despite the challenges from rising inflation and external risk, said Alliance Finance Group’s chief executive officer Datuk Bridget Lai.

In a statement today, Lai said given the sustained economic growth and the government’s initiatives such as promoting the growth corridors — Iskandar Development Region, Northern Corridor Economic Region and Eastern Corridor Economic Region — the investment environment was expected to be optimistic.

“Growth for the coming year will be broad-based with the services sector expected to remain the key driver on the supply side, on the back of strong sub-sectors like business services, real estate, finance and insurance.

“On the demand side, private investment is expected to cushion the moderation in consumer spending, while the announcement of corridors and implementation of Ninth Malaysia Plan should sustain the public spending momentum,” she said.

Lai, however, said rising inflation risk remained a key risk to the current robust picture.

“While Malaysia has been building up it resilience over the years, we are still susceptible to external environment.

“Inflation will also be a key concern in 2008 amid expected administrative price increases. High inflation may curb consumer spending,” she said.

She said Malaysia, as one the largest producers of crude palm oil in the world, was expected to benefit from the high prices of crude oil and crude palm oil underpinned by robust demand from China, India and Europe.

Lai said the global market was expected to face a challenging time with sub-prime worries expected to linger into next year.

“The global credit market is experiencing a credit squeeze arising from the sub-prime crisis to force more prudent lending by financial institutions and an increased risk premium on financial instruments,” she said.

By Bernama