KUALA LUMPUR: Paramount Corp Bhd
said its wholly-owned subsidiary Meridian Kuasa Sdn Bhd has proposed to acquire 14,974sqm of freehold commercial land in KL from IOI Properties Bhd for RM257.89mil.
In a stock exchange filing, Paramount said the acquisition will allow it to develop its signature residential property units with speed-to-market launching due to a development order having been obtained by the vendor.
The proposed development on the land comprises two blocks of high-end serviced apartments with a projected gross development value (GDV) of about RM1.1bil.
The project is targeted to be launched by end-2026, and is expected to be completed within six years.
According to Paramount, the proposed acquisition will increase its total remaining GDV, which stood at RM4.8bil as at Dec 31, 2025. It said the gross development cost was pending finalisation of the detailed development plan.
The acquisition of the land will be funded via a combination of internally generated funds and bank borrowings.
