Magna Prima says open to jointly developing Lai Meng school plot

SHAH ALAM (May 24): Property developer Magna Prima Bhd is open to all kinds of possibilities in terms of monetising its 1.06ha land along Jalan Ampang in Kuala Lumpur, where the Lai Meng primary school was formerly situated.

At the sideline of the group's annual general meeting today, managing director Datuk Wira Rahadian Mahmud Mohammad Khalil told the media that other than an outright sale, Magna Prima is also considering jointly developing the plot with other developers.

"Everybody knows that we are open for sale for the land. Of course it will depend on the offer itself. It is not that we have to sell it, [so] we will see [what offer we get].

"Options are always there — we are quite open [to possibilities], whether it is a joint development, or [someone coming to] buy the land and we become the turnkey developer. We are quite flexible on this," he said.

Magna Prima has put the land up for sale since 2015, when real estate marketing agent Rahim & Co put up an expression-of-interest advertisement for the sale, with a targeted price of RM3,500 per sq ft, according to local media reports.

Today, Rahadian said the market is valuing the land at about RM3,400 per sq ft, which works out to be RM388.03 million land value.

"There are offers, but not many — nothing too serious that we went for further negotiation for. Previously yes, we had quite a lot of them. But currently, we are not really serious on anything yet, because a lot of property developers have become cautious," he explained.

At 2.43pm, Magna Prima shares fell 1 sen or 0.66% to RM1.51, with a market capitalisation of RM505.29 million. — theedgemarkets.com

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