Magna Prima launches serviced apartments in Jalan Kuching

KUALA LUMPUR: Property developer Magna Prima Bhd launches the Boulevard Residences at its RM635 million Boulevard Business Park in Jalan Kuching today. This is Phase 2 of a three-phase mixed used development that sits on 10.23 acres of freehold land.

The first phase, launched in 2011, consists of 94 units of four-storey shopoffices which are 90% sold to date. They were sold at between RM2.88 million and RM3.38 million.

“The Boulevard Business Parklies in a strategic location in Jalan Kuching, which is central to Kuala Lumpur, Kepong, Gombak and Batu Caves,” said Magna Prima CEO Datuk Rahadian Mahmud Khalil.

Phase 2, which consists of the RM205 million Boulevard Residences, is a 33-storey building with 345 freehold units. “The serviced apartments are affordably priced at RM380 psf,” said Rahadian, adding that the units come with glass walls and features modern architecture that provides optimum space and comfort, with a choice of two- or three-bedroom units.

The unit built-ups range from 1,009 to 1,353 sq ft with the selling price from RM405,365 to RM713,000. The serviced apartment block sits on 1.56 acres and is already 50% sold.

Magna Prima's Boulevard Resi-
dences is the second phase of
its 10.23-acre Boulevard Busi-
ness Park in Jalan Kuching.

Its maintenance fee is estimated to be 25 sen psf and the project is slated for completion in December 2014.

With the 13th general election (GE13) just around the corner, homebuyers and investors may be adopting a wait-and-see stance.

Rahadian, however, believes that the election will not have any impact on the market.  “The property market will not be affected by GE13 as property is a tangible asset, where values seldom depreciate, and people will still buy property,” he said.

The last phase of Boulevard Business Park will be a four-storey shopping centre that will be launched in 2Q13. It will have a gross floor area of 208,529 sq ft, with 99,530 sq ft being set aside for the general mall area and 108,920 sq ft for a hypermarket, according to Rahadian.

Moving forward, Magna Prima will be launching two new projects this year. The first is a 36-shoplot project with a gross development value of RM8 million on a 1.8-acre tract. The other will be a RM1.4 billion mixed development project in Section 15, Shah Alam that sits on 20 acres.

This article first appeared in The Edge Financial Daily, on February 22, 2013.

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