MAGNA PRIMA EMBARKS ON MAIDEN OVERSEAS VENTURE TO AUSTRALIA

KUALA LUMPUR (Bernama) - Magna Prima Bhd will embark on its
maiden overseas venture in Melbourne, Australia, with a proposed A$210 million
development, Dynasty Living.

In a statement Friday, the group said the proposed development spread over
approximately 2,700 square meters, will be a 25-storey, single tower residential
apartment.

It will feature 320 units, inclusive of one to three bedroom apartments, and
a two-storey penthouse.

Construction is expected to commence during the fourth quarter of 2011, and
the development located at A'Beckett Street, is expected to be completed in
2013.

In the vicinity of the development is the Queen Victoria Market, the
University of Melbourne and Royal Melbourne Institute of Technology (RMIT) and
it is a 10-minute walk to the Flagstaff train station.

Initial pricing tags a one bedroom unit at A$309,000 onwards.

Meanwhile in a filing to Bursa Malaysia today, the group said it has entered
into an preliminary letter of offer to purchase a freehold land from Yucal
Australia Private Limited for its proposed Dynasty Living development.

The land will be purchased at a price of A$26 million, while the indicative
gross development cost for Dynasty Living, stands at A$148 million currently.

It said 62 per cent of the residential development has already been sold,
and further details concerning it would be made available in due course.