KUALA LUMPUR: Paramount Corp Bhd's wholly-owned subsidiary Tanah Bayumas Sdn Bhd has struck a deal to acquire the luxury condominium villas known as Brunsfield Residence and 18,317 sqm of leasehold land from Prismaworld Embassyview Sdn Bhd for RM145mil.
In a filing with Bursa Malaysia, the group said it plans to launch another development on the acquired land to replicate the success of its two existing high-end residential development in the vicinity - The Atrium and The Ashwood.
According to the statement, Tanah Bayumas will redevelop the property into high-end residential units for sale on a strata-titled basis.
"With a projected gross development value (GDV) of not less than RM300mil to be generated from the proposed development over a period of five years, the proposed acquisition will strengthen the group’s current total GDV of RM6.22 bil and contribute positively to the future earnings of the group," it added.
Paramount said the purchase price and proposed development will be funded through a combination of internally generated funds and bank borrowings.
