Magna Prima to offer homes in Australia

KUALA LUMPUR: Magna Prima Bhd plans to offer units from Australian residential development Dynasty Living to Malaysian buyers beginning 3Q11.

Lawrence Lee Yek Hui, executive director of Magna Prima, said the development in Melbourne is a 25-storey block with 320 apartment units, with sizes ranging from 403sq ft to 4,458sq ft. Sixty-eight percent of Dynasty Living has already been sold in Australia.

Magna Prima is acquiring the project initiated by Australia-based Anhui Yucai Group Investment Co Ltd for A$26 million (RM84.1 million). Magna Prima signed a Memorandum of Understanding (MoU) for the proposed acquisition on June 30.

Buyers so far are a mix of first-time homebuyers and investors.

“Due to its strategic location, which is a stone’s throw away from the main business district, it suits young Australian professionals looking for convenience,” Lee told The Edge Financial Daily.

The developer hopes to target the upper-middle market homeowners in Australia and Malaysia for the remaining units.

The development is located on 2,700 sq m of freehold land in A’Beckett Street in Melbourne’s central business district. The project has a gross development value of A$210 million and construction work is expected to commence in 4Q11 with completion in 2013.

Lee: Dynasty Living is located in one of Australia's fastest growing cities where property ownership regulations are investor-friendly.

There is a choice of six design layouts, offering one bedroom, two bedrooms and three bedrooms, with prices ranging from A$309,000 for a 403 sq ft one-bedroom unit to A$1.3 million for a 4,458 sq ft duplex penthouse.

Each unit comes with a balcony or indoor terrace/garden. The high-rise is also designed to overlook the heritage-listed Flagstaff Gardens — the city’s oldest.

This would be the company’s first step in “placing Magna Prima on the global map”, said Lee.

“Our team of experts has been working on this project for a substantial amount of time, researching and evaluating the potential of having projects out of Malaysia. And Dynasty Living matches the criteria we set and we are pleased to take over the project,” he said.

When asked why the company chose Australia for its first overseas venture, Lee said Melbourne is the fastest growing city in Australia. Its current population in excess of four million is increasing by an estimated 90,000 residents per year.

He added that the Australian Bureau of Statistics estimates that by 2056, Melbourne’s population could swell to almost eight million.

“Dynasty Living is located in one of Australia’s fastest growing cities where property ownership regulations are investor-friendly. Given that Melbourne’s

An artist's impression of Dynasty Living.

population is expected to swell by about 90,000 residents per year, housing will obviously be premium as the need to accommodate the influx of people to this city continues to rise,” added Lee.

“This in turn may result in potentially strong rental yields and superior capital gains which have led to Melbourne becoming a preferred property investment destination with local and foreign investors rapidly snapping up new properties here,” he said.

In addition to its modern contemporary architectural design, chic retail offerings and restaurants spill out into the discreet laneway at the project’s entrance. The project also features an indoor heated swimming pool, sauna, spa, a fully equipped gym and a residents’ theatre.

This article appeared on the Property page, The Edge Financial Daily, July 8, 2011.