KUALA LUMPUR: This year will be a new milestone for Magna Prima Bhd as it moves over from million to billion ringgit developments, said chief executive officer, Datuk Rahadian Mahmud Mohd Khalil.
Citing an example, he said the four-year Magna Ecocity development in Shah Alam, with a gross development value (GDV) of RM1.4 billion, will commence in the third quarter of the year.
"Next year, we will commence another project in Jalan Ampang, Kuala Lumpur with a GDV estimated to be around RM2 billion and set for completion within five years," he told Bernama after the company's annual general meeting here today.
Focused on the Klang Valley, Magna Prima is a niche developer of integrated lifestyle themed projects that attract robust take-up rates. He said the company is also casting its eyes outside the Klang Valley in looking at other states like Penang.
Rahadian Mahmud said Magna Prima is confident of recording better results for financial year 2013, following the handover of a few projects this year.
"We will most likely do better this year with some projects set for completion, namely Alam d'16 in Shah Alam, One Sierra (Selayang) and Seri Jalil (Bukit Jalil)," he added.
He said for this year, the company is not looking to acquire any more landbank, following its recent RM60 million acquisition in Sunway Mentari,Petaling Jaya, and will focus on current projects development.
The investment holding company recorded revenue of RM196.45 million for the financial year ending Dec 31, 2012, while unbilled sales reached approximately RM520 million, helped by the progress of One Sierra, Alam d'16 and U1 Shah Alam.
The Group also recently launched phase two of the Jalan Kuching Boulevard Park, a serviced apartment, which will contribute significantly to its bottom line moving forward. - Bernama