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 sq m of leasehold land from Prismaworld Embassyview Sdn Bhd for RM145mil.
In a filing with Bursa Malaysia, the company announced plans to launch a new development on the acquired land, aiming to replicate the success of its two existing high-end residential projects 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 RM6.22bil and contribute positively to the future earnings of the group,” it added.
