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Old July 18th, 2013, 04:08 PM   #1
davidwsk
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KUALA LUMPUR | Lai Meng School Redevelopment | 250m + x 2 | 60 fl x 2 | Pro

Project Location : Lai Meng school redevelopment , KLCC
floor: 60fl x 2
Tentative start date: mid 2014
Developer: Magna Prima
Categories: Mixed Use

Quote:
Originally Posted by nazrey View Post
Magna Prima's RM1.8b venture
By Sharen Kaur Published: 2013/01/28
http://www.btimes.com.my/Current_New...#ixzz2JFkiOa3L

Magna Prima Bhd will be developing a RM1.8 billion luxury property at a 1.05ha site in Jalan Ampang that is now Lai Meng Primary School and Lai Meng Kindergarten.

Chief operating officer Datuk Rahadian Mahmud Mohammad Khalil said the project, which comprises two luxury towers, is slated for launch next year after the new Lai Meng school in Bukit Jalil is completed in the third quarter of this year.

He said Magna Prima is preparing the building and layout plans for the new project.

The first tower will be a Grade A green office building and the company is in talks on selling it to local fund management companies.

The second tower will comprise a mix of luxury serviced apartments, a five-star hotel and offices.


"The lower levels will be the offices while the upper floors will comprise hotel rooms. We plan to submit the building plans within the next couple of months," Rahadian told Business Times.

Rahadian, however, said Magna Prima is in no hurry to unlock the value of the land, which has doubled since its acquisition.

"The land is now worth about RM300 million and the value is still increasing. The longer we keep it, the higher the value.

At the end of the day, our shareholders will benefit," he said.

He said the group has several sizeable on-going projects that will keep it busy.

"The new Lai Meng school will be ready this year. When the school moves, we will take possession of the site," he said.

Magna Prima bought the land from the Lai Meng Girls School Association for RM148.2 million in March 2010, in exchange for a piece of 2.2ha land at Bukit Jalil.

The company bought the 2.2ha land from Santari Sdn Bhd in Bukit Jalil for RM10.7 million. It is building the school at its own cost, which is believed to be between RM20 million and RM30 million.

The twin tower project will be Magna Prima's single largest development to date. and its second project in the Kuala Lumpur city centre area

The first was the RM300 million 41-storey The Avare condominium in Jalan Stonor, launched in 2005.

The Avare offered 78 units with sizes ranging from 3,8 sq ft 00 to 7,696 sq ft. The last transacted price was RM2,100 per square feet (psf) in the fourth quarter of 2007, an increase of almost 50 per cent from the launch price of RM1,350 psf.

Rahadian believes the Jalan Ampang project will set a new benchmark in pricing.
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Old July 18th, 2013, 04:08 PM   #2
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Quote:
Originally Posted by rizalhakim View Post
1. CADANGAN MENUKAR KEGUNAAN TANAH DARIPADA INSTITUSI KEPADA PERDAGANGAN 2. CADANGAN MEROBOH 8 BLOK BANGUNAN SEKOLAH 2 TINGKAT SEDIADA (BANGUNAN SEKOLAH RENDAH JENIS KEBANGSAAN PEREMPUAN (CINA) LAI MENG) DAN MEMBINA 2 BLOK PERDAGANGAN BERCAMPUR 60 TINGKAT (MENARA PEJABAT) DAN 60 TINGKAT (MENARA HOTEL, PANGSAPURI SERVIS DAN PEJABAT) YANG MENGANDUNGI:- A) 1 BLOK (A) PEJABAT 54 TINGKAT ( DI ARAS 7 HINGGA 60) B) 1 BLOK (B) HOTEL, PANGSAPURI SERVIS DAN PEJABAT 54 TINGKAT YANG TERDIRI DARIPADA:- i) 16 TINGKAT HOTEL 266 BILIK (ARAS 45 HINGGA 60) ii) 20 TINGKAT PANGSAPURI SERVIS 228 UNIT (ARAS 25 HINGGA 44) iii) 17 TINGKAT PEJABAT (ARAS 7 HINGGA 23) DI ATAS 6 TINGKAT PODIUM YANG TERDIRI DARIPADA:- A) HADAPAN PODIUM i) 3 TINGKAT KEMUDAHAN PERSIDANGAN, LOBI, RUANG PERNIAGAAN, PEJABAT DAN KAFE ii) 3 TINGKAT RUANG PEJABAT B) BUMBUNG PODIUM i) 1 TINGKAT PEJABAT, MEDAN SELERA DAN ROOF GARDEN C) BELAKANG PODIUM i) 8 TINGKAT TEMPAT LETAK KERETA DENGAN 1 TINGKAT TEMPAT LETAK KERETA ARAS BAWAH TANAH (LOWER GROUND), DAN 4 TINGKAT TEMPAT LETAK KERETA DI ARAS BESMEN DI ATAS LOT 124 HINGGA 128, SEKSYEN 44, JALAN AMPANG KUALA LUMPUR

http://www.epbt.gov.my/osc/Proj1_Inf...ame=462121&S=S
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Old July 18th, 2013, 04:09 PM   #3
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Quote:
Originally Posted by patchay View Post
Redevelopment of Lai Meng into 2x 60-Storey Towers

image hosted on flickr


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Old July 18th, 2013, 04:10 PM   #4
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Before its gone!
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Old July 18th, 2013, 04:11 PM   #5
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Quote:
Originally Posted by nazrey View Post
Magna Prima set to move from million ringgit to billion ringgit projects
Posted on May 31, 2013, Friday
http://www.theborneopost.com/2013/05...ggit-projects/

KUALA LUMPUR: This year will be a new milestone for Magna Prima Bhd (Magna Prima) 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 yesterday.

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 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
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Old July 18th, 2013, 04:12 PM   #6
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Originally Posted by archilover View Post
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Old July 18th, 2013, 04:13 PM   #7
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Quote:
Originally Posted by davidwsk View Post
Magna Prima mulls fund raising, likely for Lai Meng land development

By Jocelyn Yi
Thursday, 18 July 2013 12:37 Bookmark and Share


KUALA LUMPUR: Developer Magna Prima Bhd is mulling over a fund raising exercise, possibly to fund the initial construction works of its upcoming development on a premium tract in Jalan Ampang on which SRJK (C) Lai Meng is located.

The company had previously said the Lai Meng land development could produce a total gross development value of RM1.8 billion.

“We will make the necessary announcement to the exchange at the appropriate time upon finalisation of the terms and timing of the proposed fund raising exercise,” Magna Prima told Bursa Malaysia yesterday.

The company was replying to a Bursa query on the unusual gains in its share price which had spiked as much as 34% intra-day to hit limit-up on July 16.

On July 16, the stock had risen as much as 30 sen to RM1.18 before closing at RM1.16 with some 8.5 million shares traded. It closed unchanged yesterday at RM1.16, after rising to an intra-day high of RM1.33. At RM1.16, Magna Prima has a market capitalisation of RM386.2 million.

The group’s balance sheet as at March 31 showed a cash balance of RM15.8 million plus cash held under a housing development account of RM4.4 million. Bank borrowings amounted to RM164.83 million, some RM134.11 million of which was long-term.

In the first quarter ended March 31, Magna Prima posted a net profit of RM23.3 million compared with a net profit of RM1 million a year ago. Its revenue jumped to RM113.5 million from RM5.3 million previously.

InsiderAsia analyst Linda Koh believes the recent share price hike is not related to the fund raising exercise, as the activity would cause near-term dilution.

“The company is probably going to launch some projects that have not been disclosed,” she said.

She also said Magna Prima is trying to finish what is on its plate by rolling out all the planned projects this year.

It has been reported the Lai Meng land development will be Magna Prima’s largest thus far.

Magna Prima will take possession of the land by year-end, upon the relocation of the school to its new premises in Bukit Jalil.

The developer plans to build two 60-storey towers on the site with one tower comprising serviced apartments and the other housing a hotel and office lots.

According to its 2012 annual report, Magna Prima has completed 68.09% of the new school in Bukit Jalil.

Twice the size of the current school, the new premises is slated to be completed by October, in time for the new term in 2014.



This article first appeared in The Edge Financial Daily, on July 18, 2013.

http://www.theedgeproperty.com/news-...velopment.html
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Old October 8th, 2013, 08:25 AM   #8
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Render : Another Twins in KLCC vicinity !

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Originally Posted by erwinkarim View Post
Quote:
Originally Posted by reka-tropics View Post
closser look...credit to erwinkarim
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Old October 8th, 2013, 09:48 AM   #9
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Nice looking twin towers project for K.L.! .
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Old October 9th, 2013, 12:53 AM   #10
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sucks to be that school, but yeah nice twin towers
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Old January 9th, 2016, 04:56 AM   #11
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Old February 24th, 2016, 07:08 AM   #12
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Old February 25th, 2016, 08:54 AM   #13
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Feb 2016

[IMG]IMG_1839 by Koko Krunch, on Flickr[/IMG]
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Old June 20th, 2016, 11:40 AM   #14
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https://www.facebook.com/greaterkldevelopments/

https://www.instagram.com/greaterkualalumpur/

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