KUALA LUMPUR: Paramount Corp Bhd
said its wholly-owned subsidiary Prima Kuasa Sdn Bhd has proposed to acquire three contiguous parcels of leasehold land measuring 48.489 acres in Bukit Raja, Petaling, in Selangor for RM113.5mil.
In a filing with Bursa Malaysia, the property developer said the tracts, which were purchased from SJ Properties Sdn Bhd, will be the site of a proposed development comprising Paramount's signature residential property units, with a gross development value (GDV) of about RM579mil to be generated over six years.
The lands are located within the new growth centre of Shah Alam along the Guthrie Corridor Expressway (GCE), and approximately 3km from the Damansara-Shah Alam Elevated Expressway (DASH) and GCE interchange.
As development approvals have already been secured from the authorities by the vendor, the acquisition of the lands will expedite the launch of the proposed development.
"The proposed acquisition will strengthen the current total GDV of Paramount’s group of companies amounting to RM5.04bil, and contribute positively to the future earnings of the group," it said.
Paramount intends to finance the proposed acquisition and development through a combination of internally generated funds and bank borrowings.
The proposed acquisition is expected to be completed within 12 months of the agreement date.
