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KUALA LUMPUR: Magna Prima Bhd’s wholly owned subsidiary, Magna City Development Sdn Bhd has yet again extended the duration for the completion of the RM57.9 million proposed land acquisition that was originally slated to be completed in the first quarter of 2008, until Sept 19, 2010.
The proposed acquisition that was first mentioned in a filing with Bursa Malaysia on Nov 2, 2007, has been extended numerous times, each time with an added duration of three months from the land vendor, Muafakat Baru Sdn Bhd. No reason was given for the extension.
Magna City, previously known as Magna Quarry Services Sdn Bhd, first intended to develop the two parcels of 10.23-acre land into a mixed residential and commercial development with an estimated gross development value of RM730 million.
The land has a development order (issued by DBKL) for 20 units of 3-storey shops, two blocks of 200 units of signature offices, one block of 15-storey offices, a hypermarket to occupy the lower ground and ground floors, five levels dedicated to retail shops, departmental stores, a cineplex and bowling centre, two blocks of serviced apartments comprising 800 units and three levels of underground parking with approximately 5,000 bays.
The free hold land is presently vacant and situated next to Jalan Kuching and at the intersection between Jalan Kuching, Jalan Ipoh and Jalan Kepong.
Magna City earlier said the proposed acquisition would be funded by internally generated funds and/or bank borrowings.
“ The proposed acquisition will enable the Magna Prima Bhd Group to expand its landbank for development and enhance its future earnings. The board believes that the sales of the units developed on the said land will do well in view of the strategic location of the said land,” the company said in its statement to Bursa dated Nov 2, 2007.
