Monetary Icon (M) Sdn Bhd, a wholly owned subsidiary of Magna Prima Berhad, has entered into a conditional sale and purchase agreement with Seri Dinar Project Development Sdn Bhd to buy 5.56 acres of freehold land and 16.78 acres of leasehold land in Gombak, Selangor. The purchase of the land will cost a total of RM40.5 million.

This acquisition is seen to be in line with Magna Prima’s corporate strategy to develop lifestyle-themed projects in land within high-density areas. The development plans for the land will comprise of shoplots, apartments, houses and a clubhouse with an estimated gross development value of RM130, of which the gross profit margin to be 20 per cent. The development order has been obtained by Seri Dinar.