Paramount buys KL prime land for RM244mil

The proposed acquisition is in line with Paramount’s strategy of replenishing its land bank at strategic locations with strong growth potential and to scale up its property development activities to generate long-term sustainable income.

PETALING JAYA: Paramount Corp Bhd is proposing to acquire two contiguous pieces of freehold land measuring 4.542 acres in Kuala Lumpur for RM243.8mil.

The property developer said its wholly-owned subsidiary Paramount Property (Cityview) Sdn Bhd (PPCV) had entered into sale and purchase agreements with two subsidiaries of Wing Tai Holdings Ltd for the acquisition of the two pieces of land.