PETALING JAYA: Paramount Corp Bhd has acquired 137.1 acres of freehold agriculture land for RM24mil.
In a statement yesterday, the company said its subsidiary Paramount Property (Utara) Sdn Bhd had entered into a sale and purchase agreement with BDB Land Sdn Bhd (a subsidiary of Bina Darulaman Berhad) to purchase two parcels of land measuring 62.6 acres and 74.5 acres.
“The purchase will be funded by the proceeds received from the divestment of Paramount’s pre-tertiary education business earlier this year, ” the company said.
The land will be part of Paramount Corp’s Bukit Banyan township in Sungai Petani.
As at March 31,2020, Bukit Banyan had 178 acres of undeveloped land and a remaining potential gross development value (GDV) of RM498mil.
With the acquisition of the 137.1 acres, Bukit Banyan will have 315.1 acres to develop from now until 2030.
In the same statement, Paramount Corp chief executive officer Jeffrey Chew said the company expected a GDV of RM400mil from both residential and commercial properties to be built after the conversion of the land status.
“Bukit Banyan is Paramount Corp’s star project in the northern region, one of the hottest housing projects in Kedah in 2019, and a winner of multiple awards.”
It also its third township development project in Kedah after Taman Patani Jaya and Bandar Laguna Merbok.
Four phases with a GDV of RM165mil was launched in 2019. Another two phases with a GDV of RM59mil are being launched this year, with house prices ranging from RM390,000 to RM565,000.