The Magna Ville Condo

PROPERTY DEVELOPMENT DIVISION

Magna Prima Berhad's (MPB) rapid rise in the property development sector, through its subsidiary company, Magna Park Sdn. Bhd., is notable. The company made its presence known and felt when it secured its flagship development contract in 1996 by successfully winning an open tender by the government to jointly build a privatized mixed development project with Kuala Lumpur City Hall. This long-term project is Metro Prima which involved advancing 86.8-acres of land in Kepong, Kuala Lumpur, from a squatter populated area to a city with modern facilities.

A major entry into this industry for MPB, Phase 1 of this RM695 million project contributed considerably to the company's revenue from 1998 onwards. Phase 2 and 3 of the project, scheduled for completion by 2007, were worth RM200 million and RM330 million respectively.

Henceforth, MPB has spearheaded into this industry with much gusto, gaining as much experience as possible whilst making great strides in becoming a major player. And as in with any successful company, constantly aiming higher and growing is pertinent to getting to the top of one's field. Thus, following several years of mainly undertaking development projects for affordable low- and medium-range properties, MPB has recently been on placing more focus on quality driven "pocket-sized" niche developments with a high gross development value (GDV).

This natural progression and commitment is reflected in the company's current ventures, such as Casa Prima (with a GDV of RM56 million) in Metro Prima, Magnaville in Selayang (RM197 million GDV), Dataran Otomobil in Shah Alam (RM320 million GDV) and The Avarè (RM320 million GDV). Whilst these endeavours are experiencing above average take-up rates (more than 65%), the most noteworthy is the 6-star, fully-residential, 78-unit luxury condominium, The Avarè.

Located on a 1.06-acre prime piece of land in the heart of Kuala Lumpur, this "butterfly" shaped designed condominium offers much more than just a breathtaking view of the city skyline. From imported designer bath fittings and finishing to the state-of-the-art security system and advanced glass curtains, the price ranges from RM3.9 million to RM11.9 million for units of 3,800 sq. ft. to 7,696 sq. ft. Even with such a price-tag, since it was first launched at the end of 2005, to date, a notable 80% of the units have been sold, with a 100% sale targeted by the end of 2007.

The significance of The Avarè is more than just a representation of a lifestyle, it is MPB's milestone, a beacon of its achievements, mission and vision.