Magna Prima unveils Property in Melbourne


The imposing Dynasty Living – an artist impression.

Classy finishes at Dynasty Living.

Boutique developer Magna Prima Bhd announced on Bursa Malaysia its maiden overseas venture in Melbourne, Australia recently.

The $AUD210 million (RM665 million) Dynasty Living apartment tower is located on A’Beckett Street in the heart of Melbourne’s Central Business District. Spread over approximately 2,700 sq meters of freehold prime land, this 25-story, single tower residential apartment will feature 320 units ranging from one-, two- or three-bedroom apartments to a luxurious two-story penthouse.

All units feature either a balcony or an indoor terrace. Initial pricing tags a one bedroom unit at $AUD309,000 (RM977,548) onwards. The project was actually initiated by Australian based company Anhui Yucai Group Investment Co Ltd with Magna Prima Bhd taking over the project on June 29 this year.

The theme was created by the architects and designers of Anhui Yucai with the preliminary architects being CK Designworks, a leader in interior architecture and design for the corporate, residential, retail and hospitality sectors.

The architects, says Dato’ Rahadian Mahmud Mohammad Khalil, Magna Prima Bhd’s Executive Director, created the theme. It is based on Dynasty Living’s contemporary architectural sensibilities fused with understated Art Deco decadence.

“At Dynasty, sophistication, tranquillity and unsurpassed luxury combine to set new standards for urban designer living,” Rahadian says.

“It is customized with your unspoken needs in mind. Everything at Dynasty, from its featured doorways to cabinets, accents to color schemes, is pure indulgence.”

“Every detail is superbly finished, every surface whispers sophistication.”

According to Rahadian 62% of units have been sold to date and that the remaining 38% of units available will be launched in Malaysia. “We are targeting the upper-middle market home-owners in Australia and Malaysia. We are offering a lucrative investment opportunity,” says Rahadian.

“Now that we have completed the initial but very crucial stage, we will move forward with firming up the marketing plan. We are excited about this project and look forward to launch it in Malaysia during the third quarter,” he adds. Rahadian says Dynasty Living is a lucrative investment opportunity because it is located in one of Australia’s fastest growing cities and has property ownership regulations, which are investor friendly.

Victoria occupies only 3% of Australia’s total landmass, yet accounts for 25% of the nation’s economy. And Melbourne, its capital city is the most populated area within the state. Research has described Melbourne as being the fastest growing city in Australia, with a current population in excess of four million, and which is increasing by approximately 90,000 residents per year. 

The Australian Bureau of Statistics released predictions stating that by 2056 Melbourne’s population could swell to almost eight million.

This reality, says Rahadian, has lead to Melbourne becoming a preferred property investment destination. This results in potentially strong rental yields and superior capital growth, reasons which have led to savvy local and foreign investors rapidly snapping up new properties. The project captures the unique texture of contemporary urban life.

Oriented towards the Flagstaff Gardens – the city’s oldest – it’s a way of life to rival that of Paris or Manhattan. Chic retail offerings and restaurants spill out into the laneway at Dynasty’s entrance while the spacious apartment is designed as a serene retreat from the bustle of the city. Its strategic location gives residents the opportunity to detour from the everyday and discover alfresco cafes, galleries and theatres and an eclectic shopping district that together make up the quintessentially Melbourne way of life.

Dynasty Living is touted as being an oasis of calm in the effervescent heart of Melbourne. With its architectural designed finishes that blur the lines between form and function, the apartments offer the ideal inner city haven far above the hustle of Melbourne’s urban lifestyles.

The development is also located within a five-minute walk to Melbourne’s iconic Queen Victoria Market, a five to 10 minutes walk to the renowned University of Melbourne and RMIT and is within less than 10-minute walk to the Flagstaff train station.

Construction is expected to commence during the fourth quarter of 2011, and is expected to be completed in 2013. Though Dynasty Living marks Magna Prima’s maiden foray overseas, the company is confident that its latest offering to the market will be well received. This development is in line with the company’s plan of putting a strong footing for growth and the maiden project in Australia will be its first step in placing Magna Prima on the global map.

“We are targeting the upper-middle market home-owners in Australia and Malaysia.” – Dato’ Rahadian Mahmud Mohammad Khalil

Indoor heated swimming pool
Fully equipped gym
A resident’s theatre

Price of units
$AUD309,000 (RM977,548) for a 436 sq ft 1-bedroom-1-bathroom unit
$AUD449,000 (RM1.4 million) for a 2-bedroom-2-bathroom unit
$AUD1,336,963 (RM4.2 million) for a 2,617 sq ft 3-bedroom-2-bathroom unit
$AUD2.93 million (RM9.3 million) for a 198 sq meters double storey penthouse

*All units come with a balcony or indoor terrace.