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.
The proposed high-rise residential development carries an estimated gross development value of RM323mil, with an anticipated launch a year after the sale and purchase completion.
