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Magna Prima expects robust performance this year

KUALA LUMPUR: Magna Prima Bhd, a boutique property developer, expects its performance to be robust this year, supported by projects launched throughout the year.

The company currently has five projects with an estimated gross development value (GDV) of RM1.045 billion due for completion over the next three to four years.

Its executive director Lawrence Lee Yek Hui said the Boulevard Business Park due to be launched in Jalan Kuching on June 22, with a GDV of RM572 million, is expected to bring in good earnings.

"Magna Prima will be also offering lucrative financial packages in collaboration with the banking industry, to make it easier for buyers to own a property," Lee told Bernama after the company's annual general meeting here on Wednesday, May 25.

On its land bank, Lee said the company had no plans to top-up its land bank for now as they were tied up with ongoing projects and at the same time wanted to maintain their focus in the Klang Valley.

He said Magna Prima's land bank in Jalan Gasing and Jalan Ampang were also still at the refining stages, and this will not be finalised till 2014.

"We are looking at commercial development on the land due to the strategic location," he added.

Asked on the issue of subsidies, Lee said a reduction on subsidies will not give much impact to Magna Prima as their targeted buyers were middle income earners and beyond and who had the purchasing power.

"We will not see any major drawback because everybody wants to have an investment and real estate is the best portfolio for investment, so I will say that there will be no shrinkage in buying," he added. — Bernama

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