Paramount Blossom, China firms in property JV in Seremban

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PUTRAJAYA: Paramount Blossom Sdn Bhd has inked a strategic and partnership development agreement with China Railway Liuyuan Group Co Ltd and Fujian Hexinyuantong Investment Co Ltd to develop a 77-acre land in Mukim Rasah, Negri Sembilan.

Paramount Blossom is the owner of the land while Fujian Hexinyuantong Investment will finance the project. China Railway Liuyuan will be responsible for the construction of the development.

The development is expected to be one of the largest residential developments in Seremban, comprising 835 units with a gross development value of RM650mil.

Paramount Blossom managing director Datuk Mohd Nadzlim Mohd Noor said on Thursday in the course to proceed with the development of the land, “we were introduced to a group of investors from Fujian Hexinyuantong Investment, who were at that time looking for investment opportunities here in Malaysia.

"After a series of meetings between the representatives from Paramount Blossom and Fujian Hexinyuantong Investment, we quickly realised the potential benefits that can be reaped from this collaboration, which shall not just end after the completion of the residential development," he said during the signing ceremony.

Also present at the ceremony was Deputy Minister of Finance Datuk Lee Chee Leong.