KUALA LUMPUR: Magna Prima Bhd
’s wholly owned subsidiary, Magna City Shah Alam Sdn Bhd, has entered into a joint-venture agreement (JVA) with Amat Potensi Sdn Bhd (APSB) to develop a 709-unit residential project in Kinta, Perak.
In a filing with Bursa Malaysia, Magna Prima said the project will be carried out on a 99-year leasehold land spanning about 216,907 sq m.
Under the agreement, APSB, the landowner, will receive a fixed entitlement of RM33mil, payable in three tranches.
It will also be entitled to 25% of the project’s profit before tax, payable within 28 days of the issuance of the certificate of completion and compliance. The JV presents an opportunity for it to expand its presence in Perak.
