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- The project spans 216,907 square metres of 99-year leasehold land in Mukim Sungai Raya.
KUALA LUMPUR (Nov 25): Magna Prima Bhd (KL:MAGNA) has entered into a joint venture with Amat Potensi Sdn Bhd to develop a housing project comprising 709 units in Kinta, Perak.
According to its bourse filing, Magna’s wholly owned subsidiary, Magna City Shah Alam Sdn Bhd, had on Nov 24 executed the agreement with Amat Potensi.
The project spans 216,907 square metres of 99-year leasehold land in Mukim Sungai Raya and will be fully funded by Magna City Shah Alam on an as-is-where-is basis. Amat Potensi’s shareholders are Wein Pau Rong and Ng Chong Guan.
Under the terms of the agreement, Amat Potensi will receive a fixed entitlement of RM33 million in three tranches, together with 25% of the project’s profit before tax, payable upon issuance of the certificate of completion and compliance.
Vacant possession of the land must be delivered to Magna City Shah Alam within 14 days of the agreement, free of encumbrances, squatters, or adverse claims.
Amat Potensi will also grant a power of attorney authorising Magna City Shah Alam to manage all development submissions and land-related matters.
Magna Prima said the joint venture will support its expansion in Perak and is expected to strengthen its long-term financial prospects.
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