BOULEVARD BUSINESS PARK & RESIDENCES | Kuala Lumpur (Jalan Kuching) | U/C

Magna Prima's Jalan Kuching

Slated to rise and tower above the neighbouring properties and become a landmark in the area, this 10.23 acres of super prime land strategically located along Jalan Kuching land will be the latest mega mixed commercial, office and residential development in the northern zone of the Federal Territory. With close vicinity to Kuala Lumpur City Centre, it will serve as the latest lifestyle mixed development project.



This proposed development project will feature 20 units of 3-storey shops; 2 blocks of 200 units of signature offices; 1 block of 15 storey offices; a hypermarket to occupy the lower ground and ground floors; 5 levels dedicated to retail shops, departmental stores, cineplex and bowling centre; 2 blocks of service apartments comprising 800-units and 3 levels of underground parking covering approximately 5,000 bays.

The total gross development floor area of this freehold land is estimated to be 3,186,706 square feet excluding the parking area. The land acquisition came in with a development order and an underpass from Jalan Kuching directly to the development, which will enhance the accessibility of the entire area.

This project will feature lifestyle elements that blend with landscaping and green aspects to enhance the environment that is suitable for shopping, work, play and living.

Expected sales launch: Q3, 2008
Target completion date: Q3, 2012

Magna Prima’s first tower units sold out in a week

SHAH ALAM: Magna Prima Bhd has within a week sold all 205 units in the first residential tower of its RM135mil mixed development, U1 Shah Alam.

Executive director and chief executive officer Lim Ching Choy said this was the fastest take-up for the company's projects to date, most probably because the integrated development was the first of its kind in Shah Alam.

“Following this record sales, we target to sell all 173 units in the second residential tower within the next two months,” he said at the official launch of the residential towers last week.

The company plans to launch the office tower next month.


The project spans 4.78 acres in Shah Alam's Section U1 located at the intersection of the Federal Highway, North-South Expressway and the Batu Tiga Shah Alam bypass.

Construction will begin next week for completion by mid-2011.

Lim said Magna Prima also planned to launch its RM730mil mid- to high-range retail, commercial, office and residential development at Jalan Kuching, Kuala Lumpur, in July.

“This five-in-one project on 10.23 acres includes serviced apartments, a boutique hotel and a retail mall. The serviced apartments are open for buyer registration next month,” Lim said.

Magna Prima also has three ongoing projects in the Klang Valley – The Avare, a luxury condominium in the KL City Centre; Magnaville condominium in Selayang and Dataran Otomobil commercial development in Shah Alam.

Magna Prima plans RM1b project


EARNINGS BOOST: Lim at the launch of the company’s latest project in Selangor, U1 Shah Alam.

PROPERTY developer Magna Prima Bhd will launch a RM1.1 billion project in Kuala Lumpur by July, which will boost its earnings significantly next year.

The yet-to-be-named project will be located on a 4.12ha site at Jalan Kuching, said chief executive officer Lim Ching Choy.

"We expect good sales contributing positively to earnings. Our other projects like the six-star Avare condominium at KLCC and Dataran Otomobil township in Shah Alam have garnered us with good returns," Lim told Business Times at the launch of its latest project in Selangor, dubbed U1 Shah Alam, yesterday.

The new project will have two high-rise serviced apartment blocks, a hotel, a retail mall, 200 units of offices and 20 units of three-storey shops.

For the year to December 31 2007, it posted a higher net profit of RM26.9 million compared with RM93,000 in 2006, largely due to sales from Avare and Dataran Otomobil.

Magna Prima plans to sell the Jalan Kuching properties, which will be completed by mid-2011, and retain the mall for rental income.

Meanwhile, Magna Prima is building U1 Shah Alam, a residential and commercial development, for RM135 million.

It will comprise a twin 16-floor tower with a combined 378 apartment units, 13 retail outlets at ground level, a six-storey carpark, and an adjacent 15-storey office tower.

Magna Prima is looking for a buyer for the office tower which is worth RM45 million.

"We have started to market the product as we are keen on an en-bloc deal," said Lim, adding that it has yet to receive offers for the property.

The selling point for U1 Shah Alam is the location with easy access points and its convenience where tenants could also work and shop there.

The apartments are either two-plus-one bedroom units or three bedrooms, with sizes ranging from 980 sq ft to 1,100 sq ft, priced from RM200,000.

The office suites range from 1,057 sq ft to 1,348 sq ft with prices starting from RM350,000 each.

"Block A of the apartment tower was sold out one week after the soft launch on Monday. As for Block B, we have sold up to 40 per cent and expect to sell the rest within a month," Lim said.

By New Straits Times (by Sharen Kaur)

Magna Prima targets fivefold jump in revenue
By Sharen Kaur
Published: 2008/05/30



The developer expects the RM1.1 billion Magna City along Jalan Kuching to be its major contributor to the estimated future revenue of RM1.6 billion


PROPERTY developer Magna Prima Bhd is targeting revenue to increase fivefold to RM1.6 billion in four years, contributed mainly by Magna City Kuala Lumpur, its five-in-one integrated lifestyle development.

The RM1.1 billion Magna City, on a 4.12ha freehold site along Jalan Kuching, will be developed in phases over four years, starting from the third quarter.

It will include shop-lots, signature offices, two blocks of serviced apartments comprising 800 units, a boutique hotel and a three-level retail mall.

"With a total current gross development value (GDV) of RM2.6 billion and estimated future revenue of RM1.6 billion, the group is confident of sustaining its earnings visibility for at least the next four years," chief executive officer Lim Ching Choy said after Magna Prima's annual general meeting (AGM) yesterday.



The RM2.6 billion GDV will come from its 34.4ha in the Klang Valley, currently under development.

In the fiscal year ended December 31 2007, Magna posted a higher net profit of RM26.6 million compared with RM93,000 in 2006, largely due to sales from its six-star Avare condominium at the Kuala Lumpur City Centre and the Dataran Otomobil township in Shah Alam, Selangor.

Revenue jumped 326 per cent to RM344.44 million.

"We are taking this occasion (AGM) to unveil Magna City. We have opened it for registration and expect sales to be encouraging as it is the first five-in-one concept project in the northern corridor to meet the integrated needs of consumers," Lim said.

He added that the RM100 million boutique hotel will offer 250 rooms, while the RM445 million lifestyle non-conventional retail mall will be retained to strengthen its recurring income stream.

The serviced apartments are targeted at local as well as overseas buyers from Hong Kong, Singapore, Indonesia, India, South Korea and Australia, and those who have previously purchased Magna Prima properties.

The one-, two- and three-bedroom apartments will have built-ups of 600, 900 and 1,350 sq ft respectively, while the penthouses will offer 3,300 sq ft space.

The units will be priced from RM230,000, or RM350 per sq ft, to RM1.25 million each.

Magna Prima is also looking for land within the Kuala Lumpur city boundary to launch additional integrated developments. It is negotiating with a landowner and expects to conclude a deal for a piece of land in two months, Lim said.

"Our business model is to go for urban pocket-size developments where the GDV is of significant value.

"The group will focus on strengthening its position as a niche integrated lifestyle developer and leverage on the demand for exclusive products in prime locations to ensure sustainable growth in sales and earnings."

On the rising cost of raw materials, Lim said that Magna Prima has ventured upstream into the ready-mix concrete business to ensure regular supply of materials for its projects. It is also sourcing globally to reduce building costs.

Yesterday, shareholders approved the proposed final dividend of seven sen per share for 2007.

Lifestyle project to drive Magna’s revenue


KUALA LUMPUR: Magna Prima Bhd is confident of clear earnings visibility at least over the next four years, thanks mainly to its newest project, Magna City.

Executive director and chief executive officer Lim Ching Choy said the company was targeting revenue of about RM1.6bil over the four-year period.

“The projected revenue will be largely driven by Magna City, our latest 5-in-1 integrated lifestyle project in Jalan Kuching,” he said after the company AGM yesterday.

The integrated development project will comprise shop lots, signature offices, serviced apartments, a hotel and a retail mall.

Construction on the 10.23-acre freehold site will be undertaken in four phases, with the first phase to start in July. The final phase is targeted for completion by the third quarter of 2011.

Magna Prima currently has a gross development value (GDV) of RM2.13bil.

On coping with challenges, Lim said Magna Prima had a policy of mitigating the effects of rising raw material prices by opting for bulk purchasing and hedging the purchase of building materials where possible.

“We have also ventured upstream into the ready-mixed concrete business to ensure a regular supply of materials to our projects besides also sourcing globally for materials to reduce building costs,” he said.

For the first quarter ended March 31, Magna Prima posted a net profit of RM5mil on sales of RM48.3mil from a net profit of RM1mil on revenue of RM25.4mil for the same quarter in 2007.

Among the company's newly launched projects is the U1 Shah Alam, a 3-in-1 integrated lifestyle development venture with GDV of RM135mil.

Magna Prima to focus on integrated developments
30 May 2008 11:42 AM
THEEDGEDAILY


KUALA LUMPUR: Magna Prima Bhd will focus on strenthening its position as a niche developer of integrated developments through innovative and modern lifestyle-themed projects, said its executive director and chief executive officer Lim Ching Choy.

“We will continue to leverage on the demand for selected exclusive lifestyle integrated residential and commercial developments at prime locations to ensure sustainable growth in sales and earnings,” he said in a statement yesterday.

Magna Prima said with a current gross development value (GDV) of RM2.13 billon and estimated future revenue of RM1.6 billion, the group was confident of sustaining its earning visibility for at least the next four years.

It said the projected revenue would be largely driven by its latest five-in-one integrated lifestyle project in Jalan Kuching, which includes shoplots, signature offices, serviced apartments, a hotel and a retail mall.

Magna Prima said by retaining ownership of the mall, it would be able to strengthen its recurring income stream while simultaneously building up its income capacity.

The developer said it had in place a policy to mitigate the effect of rising raw material prices by opting for bulk purchasing and hedging the purchase of building materials where possible.

The group has also ventured upstream into the ready-mixed concrete business to ensure a regular supply of materials to its projects, besides also sourcing globally for materials to reduce building costs.

For the year ended Dec 31, 2007 (FY07), Magna Prima group posted a 9.5-fold year-on-year increase in pretax from RM3.60 million to RM37.63 million. Its shareholders at its AGM yesterday approved its proposed final dividend of seven sen per share for FY07.

For the first quarter ended March 31, 2008 (1QFY08), its net profit rose fivefold to RM5.03 million from RM1 million, while revenue nearly doubled to RM48.28 million from RM25.38 million.

Magna Prima CEO -- the not-so-conservative former banker
By Hamisah Hamid Published: 2008/06/09



ONE would expect that a property company run by an ex-banker would be conservative, avoiding unchartered territories.

However, Lim Ching Choy has led Magna Prima Bhd into a niche segment of the property sector.

The second board company, which only built residential property before, is now building properties under the integrated development concept.

Such developments combine high-rise apartments with lifestyle shops, signature office, retail mall and hotel.



"The concept is common in many cities in Japan, Hong Kong, Singapore, but it is very new in Malaysia.

"I'm bringing the concept from Japan, Hong Kong and Singapore to complete the country's urban city development," Lim said in an interview with Business Times last week.

So far, its projects in the Klang Valley have seen fast take-up rate.

Lim attributed the good response to the concept and its uniqueness, especially the sky garden built on top of the high-rise apartment building.

Lim, 47, was appointed Magna Prima chief executive officer on November 1 2006.

Before that, Lim, who had 22 years experience in banking and finance, was with Mah Sing Group Bhd for four years.

"I may not be a traditional brick and mortar developer, but I always think out of the box.

"I look at other industries for their good points and incorporate them in Magna Prima," he said.

Lim reads a lot of management book for knowledge and ideas and always looked at successful companies in other sectors to learn.

"For profitability, I look at Fortune 500 companies; for customer service, I look at McDonald's; for system and management, I look at banks and I look at media companies for public relations," he said.

Being an ex-banker also makes Lim very particular about cash flow, project details and financing for each project.

"When I was in banking sector, I've done a lot of property financing and have gone through two major recessions, in 1985 and 1997.

"I've seen large companies collapse because of not being able to financially manage and sustain their gearing and do planning from day one," he said.

Lim believes that each property project should be able to sustain itself.

Magna Prima plans RM1b REIT
By Hamisah Hamid Published: 2008/06/09


The property developer plans to inject at least three assets into the real estate investment trust, the first is the retail mall in Magna City



PROPERTY developer Magna Prima Bhd plans to set up a RM1 billion real estate investment trust (REIT) within the next five years.

The first asset to be sold to the REIT would be a retail mall, which will be built within the company's integrated lifestyle property development, Magna City Kuala Lumpur.

Chief executive officer Lim Ching Choy said the company plans to sell at least three assets to the REIT.

"The retail mall in Magna City will be the first asset that we are going to maintain for retained income and eventually, we will inject this asset into (the) REIT.


"We are building a few more, so our REIT asset will exceed RM1 billion," he told Business Times in an interview in Kota Damansara, Selangor.

Developers typically sell their assets to a property trust to raise funds that would be used to cut debt. In most cases, REITs are also owned by developers who want to maintain control over their assets.

Lim also said that the company may raise funds from a bond sale to finance the retail mall component of Magna City.

"We want to issue bonds to match our rental income, so that the long-term asset is funded by long-term corporate debt," he said.

Magna Prima expects revenue to increase to RM1.6 billion within four years, mainly from the Magna City project. It made RM26.6 million net profit on revenue of RM344.4 million in the year to December 31 2007.

Currently, 74 per cent of the company's income comes from property development and the rest is from construction.

It expects equal contributions from the two divisions within the next three years.

Magna Prima's construction arm is currently doing in-house jobs with a total contract value of RM647 million.

Magna Prima has also bought 90 per cent of a construction firm, Pembinaan Contamaju-Infocast Sdn Bhd (PCI) to beef up its construction arm.

Its wholly-owned subsidiary, Magna Prima Construction Sdn Bhd, is involved in the construction of Dataran Otomobil, Magna View and Metro Prima Kepong, while PCI will do new projects such as U1 in Shah Alam and Magna City.

Currently, Magna Prima has a total landbank of 32.8ha, small compared with large parcels owned by other developers.

"We have RM2.13 billion gross development value (GDV) on the 32.8ha land, which will sustain us in the next four years.

"We are focusing on high-density development, so our GDV value per acre is very high compared with other developers," he said.

Magna Prima has identified two parcels of land for next development projects - one is less than 0.8ha located within the Golden Triangle area in the city and another is more than 4ha land in the highly densed suburb in Klang Valley.


"We are at the land negotiation stage, and we expect to conclude it within two months' time," he said.

The GDV of each project is estimated to be more than RM1 billion.

Lim said the company plans to focus its property development activities in Klang Valley and has no immediate plans to venture abroad.

Magna City



The epitome of urban lifestyle


A chic archetype of modern existence, Magna City presents a flawlessly planned 5-in-1 integrated lifestyle development that offers a host of stylish signature offices, service apartments, a boutique hotel, a lifestyle mall and commercial shop lots. This forward looking city-within-a-city is also home to Kuala Lumpur’s largest sky garden that is spread over 2.5 acres of brilliantly designed versatile space.

Construction on the 10.23 acres of freehold land will be completed by 2012, making Magna City Kuala Lumpur’s first five-in-one concept project along the capital city’s northern corridor. Connected to the city centre and the Klang Valley via a series of highways, this RM1.1 billion innovative urban lifestyle development heralds a new era in modern living.

For more information, please call (+603) 7801 5505