KUALA LUMPUR (Nov 25) — Magna Prima Bhd (KL:MAGNA) has entered into a joint venture with Amat Potensi Sdn Bhd to undertake a new residential development featuring 709 homes in Kinta, Perak.
In a filing with Bursa Malaysia, the group said its wholly owned subsidiary Magna City Shah Alam Sdn Bhd signed the agreement on Nov 24 to jointly develop the project.
The development spans 216,907 sq metres of 99-year leasehold land in Mukim Sungai Raya, and will be fully financed and constructed by Magna City Shah Alam on an as-is-where-is basis. Amat Potensi is owned by Wein Pau Rong and Ng Chong Guan.
JV Terms and Entitlement
Under the terms of the agreement:
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Amat Potensi will receive a fixed entitlement of RM33 million, payable in three tranches.
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The landowner is also entitled to 25% of profit before tax, payable upon issuance of the Certificate of Completion and Compliance (CCC).
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Vacant possession of the land must be delivered to Magna City Shah Alam within 14 days, free from encumbrances and adverse claims.
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Amat Potensi will grant the developer power of attorney, enabling Magna to handle all development submissions and land-related matters.
Magna Prima said the partnership strengthens the group’s expansion strategy in Perak and is expected to enhance its long-term earnings visibility.
Broader Market Implications
The venture highlights the continued momentum of township and housing development outside the Klang Valley, complementing urban demand across sectors such as:
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rising appetite for commercial property in KL
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increasing interest in office space in Bukit Jalil driven by new transit and retail growth
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strong industrial demand, especially for industrial land in Selangor, factory opportunities in Puchong, and industrial property in the Subang area
The consistent flow of regional launches reflects improving confidence in both residential and commercial expansion nationwide.
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