KUALA LUMPUR: Magna Prima Bhd on Dec 10 entered into a sale and purchase agreement with Santari Sdn Bhd for the acquisition of a 5.5-acre freehold tract in Bukit Jalil for RM10.7 million. The property is currently vacant and will be developed for the relocation of the existing Lai Meng Primary School and Lai Meng Kindergarten, currently located along Jalan Ampang in Kuala Lumpur.

The developer is required to design, arrange and organise the construction and completion of the new school within 36 months, according to the conditional sale and purchase agreement in relation to the proposed Lai Meng school acquisition dated March 23, 2009.

The 44-year old Lai Meng Primary School and Lai Meng Kindergarten are currently situated on five adjoining lands totalling 2.6 acres. Under the proposed acquisition, Magna Prima will pay property owner Lai Meng Girls’ School Association RM148.15 million aside from relocating the school and kindergarten to Bukit Jalil in Selangor.

City & Country, The Edge’s property pullout earlier this year reported the developer’s plans to build an integrated RM1.3 billion commercial development comprising office and residential towers, with a gross floor area of about 1.2 million sq ft on the Jalan Ampang site.

The announcement on Bursa Malaysia was made by merchant bank OSK Investment Bank Bhd.

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