Magnificent $150m buy

MAGNIFICENT Estates says that wholly owned Step Mountain has agreed to buy property in Stanley Village from Orienmet Development Co for $150 million.

The property - 10 townhouses, 20 covered car parking spaces and a swimming pool - will be paid for from the company's coffers. It will generate gross income of not less than $7.8 million a year.

Magnificent said it intended to hold the property as a long-term investment.