PETALING JAYA: Magna Prima Bhd
is acquiring 4.58 acres of development land in Shah Alam, Selangor from OCR Group Bhd’s wholly-owned subsidiary OCR Avenue Sdn Bhd for RM45mil.
In a filling with Bursa Malaysia, Magna Prima said the land is being purchased via its subsidiaries Magna Ecocity Sdn Bhd and Twinicon (M) Sdn Bhd.
The plot formed part of a 20-acre leasehold commercial parcel jointly owned under a 2022 joint venture (JV) agreement between Magna Ecocity and OCR Avenue.
While Magna Ecocity is the registered owner of the land, OCR Avenue was granted a power of attorney as part of the JV arrangement, giving the developer the authority to subdivide, develop, and sell portions of the land.
“The land shall be developed by OCR Avenue, and the sale land shall be subdivided from the land in accordance with the development plan,” the company said.
“OCR Avenue has agreed to sell, and Twinicon has agreed to purchase the said sale land on an as is where is basis, free from all encumbrances.”
