KUALA LUMPUR: Paramount Corp Bhd
is acquiring 2.62 acres of freehold land in Putrajaya as part of its land replenishment strategy, focusing on locations with strong fundamentals, connectivity and development readiness.
In a statement, the property developer said its wholly-owned subsidiary, Phoenix Blanc Sdn Bhd entered into a sale and purchase agreement with Cahaya Nusantara Sdn Bhd to acquire the land for RM40mil in cash.
The transaction will be funded via a combination of internally generated funds and bank borrowings.
Located within the Putrajaya Sentral masterplan, the site is near Putrajaya Sentral Station, an integrated hub linking the MRT Putrajaya Line, ERL KLIA Transit and bus services, with direct connectivity to Putrajaya, Cyberjaya, Kuala Lumpur city centre and Kuala Lumpur International Airport.
Paramount Group chief executive officer Jeffrey Chew said that, following land purchases totalling 363 acres with RM2.3bil in development potential last year, the group has now secured its first land replenishment of the year.
“This acquisition reflects a deliberate and value-driven decision to invest in transit-oriented land, which we believe remains one of the most resilient and sought-after asset classes in urban development,” he said.
The proposed high-rise residential development carries an estimated gross development value (GDV) of RM323mil, with an anticipated launch a year after the sale and purchase completion.
This acquisition will further enhance Paramount’s current GDV of RM5.04bil and is expected to contribute positively to the group’s future earnings.
“Similar to our recent land acquisition in Mukim Bukit Raja in Shah Alam, which also comes with development approvals, the Putrajaya site is development-ready and allows us to move decisively.
“This positions us to capture strong residential demand for a transit-oriented development, while building on the brand trust we have established through our successful developments in the surrounding areas,” Chew added.
