Magna Prima launches RM470m Jln Kuching project

KUALA LUMPUR: Magna Prima Bhd has launched the first phase of its RM470 million commercial development along Jalan Kuching here. Pusat Komersil Jalan Kuching, also known as Boulevard Business Park @ Jalan Kuching, consists of shopoffices, serviced apartments and a mall to be developed over three phases. The developer acquired the 10.4-acre freehold tract fronting Jalan Kuching in November 2007.

Launched last month,  the first phase comprises 94 units of 4-storey shop offices. The units with sizes from 5,361 sq ft come with a lift each and are priced between RM2.88 million and RM3.38 million, said executive director and chief operating officer Loo Kent Chong. The shop offices are expected to be completed by end-2014.

According to Loo, the project is in a matured and densely populated area with a population exceeding 300,000 within a 3km radius, including Taman City, Taman Kok Doh, Segambut, Jinjang, Taman Mastiara, Taman Kipark and Taman Batu Metropolitan. There is also a business park and a small industrial area nearby.

Sales, marketing and retail development senior manager Michael Ng said target buyers are mainly from the surrounding areas of Kepong and Selayang.

Its second phase will comprise a 30-storey serviced apartment tower and the developer is looking at launching it in the second half of the year depending on market conditions.

"There will be two- and three-bedroom units and they are competitively priced with built-up areas of about 1,200 sq ft," he added. There will be 288 units in total. Indicative prices of the serviced apartments are above RM350,000.

The third phase will be a four-storey concept retail mall. Ng said it is looking at about 500,000 sq ft of net lettable area for the mall.

"There are no plans right now to sell the retail space but of course, if the price is right, we may consider it. We are not restricting our options," he said.

Ng added that the project's success hinges on its accessibility. "It is accessible from all directions. This will be a contributing factor to Pusat Komersil Jalan Kuching's success and vibrancy."

The developer is looking to lease about 100,000 sq ft to a supermarket operator or a department store as anchor tenant to take up one to two levels of the mall, while the lower levels will be leased to F&B outlets and smaller retailers, including alfresco dining restaurants.

Among completed projects by Magna Prima are The Avare, a high-end condominium in the Kuala Lumpur city centre, as well as Magna Ville, comprising three blocks of 22-storey condominiums in Selayang. Current projects by the developer are apartments U1 @ Shah Alam, and One Sierra residences and shops in Selayang.