KUALA LUMPUR: Paramount Corp Bhd
is acquiring four contiguous parcels of freehold land totalling 295.55 acres in Bandar Lunas, Kulim, Kedah, in a strategic move to replenish its landbank in areas with strong growth potential and where it already has a strong presence.
In a statement, Paramount said its wholly owned subsidiary, Paramount Property (Seaview) Sdn Bhd, has entered into a sale and purchase agreement with Golden Bluechip Sdn Bhd, a local company involved in palm oil trading and property development, to acquire 295.55 acres of freehold land for RM128.74mil cash.
The purchase will be financed through a combination of internally generated funds and bank borrowings.
The proposed development, slated for launch in 2027, has an estimated gross development value (GDV) of RM946mil over seven years.
This will boost Paramount’s total GDV portfolio, currently at RM5.49bil, and is expected to contribute positively to its future earnings.
“With Kulim’s prominence, infrastructure connectivity and investment inflows, this acquisition is in line with our strategy of replenishing landbank in strategic locations with strong growth potential.
“The increasing concentration of industries and workers in Kulim Hi-Tech Park (KHTP) in Kedah is expected to accelerate population growth and spur parallel demand for quality housing and commercial offerings in nearby Bandar Lunas. This makes a compelling choice for our next integrated township,” Group CEO Jeffrey Chew said.
Paramount said the site is located about 12 kilometres north of Kulim town centre and roughly four kilometres north of Phase 4A of the KHTP in Kedah, one of Malaysia’s most successful and strategic industrial parks.
The proposed development on the acquired site is envisioned as a new township comprising a mix of residential and commercial properties as well as industrial lots with recreational and other key amenities, aimed at serving the needs of the growing local population and expanding workforce in the area.
