KUALA LUMPUR (June 5): Magna Prima Bhd's unit Magna Ecocity Sdn Bhd has acquired 20 acres of land in Selangor for RM100 million from PCM Bina Sdn Bhd.
"The proposed acquisition represents an opportunity for MPB Group to strengthen its position and market presence in Klang Valley, particularly in Shah Alam," it said in a filing on Bursa Malaysia on Tuesday.
The group has completed and has current developments in Shah Alam such as the U1 Shah Alam (a commercial development comprising apartments and office towers), as well as the Alam d'16 (a residential development comprising a gated community of two-storey link houses).
"The acquisition will enable MPB Group to add to its continuous success and achievements of developing commercial and mixed development projects, as well as to capture greater market share in the property market in view of the location of the property," it added.
The land is located in Shah Alam, at the north-west intersection of the Federal Highway, Expressway Lingkaran Tengah (ELITE) Highway and the Guthrie Corridor Expressway.