Property developer Magna Prima Bhd plans to start development work on its 6.95-acre land in Petaling Jaya by next year. To be known as Jalan Gasing project, Magna Prima has purchased the land for RM48.5 million cash from Petaling Garden Sdn Bhd.
Magna Prima Chief Executive Officer Yoong Nim Chee said the company would develop a neighbourhood type lifestyle centre consisting of commercial and retail outlets.
“The Jalan Gasing development’s estimated gross development value is RM300 million,” he said in a statement today.
Located at the intersection of the Jalan Gasing/Jalan Templer roundabout, it is one of the last parcels of prime freehold land in Petaling Jaya, and one of seven projects in the Klang Valley that Magna Prima will be launching over the next 18 months.
“We are looking at the possibility of commencing development by next year once the planning, zoning and other permits come through. Completion is slated to occur within four years,” Yoong said.
The Jalan Gasing project is part of the RM1 billion worth of projects that Magna Prima will be launching over the next 18 months.
Yoong said Magna Prima had also secured full project financing totalling RM59 million from CIMB and EON Bank for two of its projects in Selayang and one in Bukit Jalil respectively.
By Bernama
Monday May 3 2010
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