PETALING JAYA: Paramount Corp Bhd
is proposing to acquire a 3.7-acre freehold commercial land parcel off Jalan Ampang, Kuala Lumpur from IOI Properties Group Bhd (IOIPG) for RM257.89mil.
In a statement, Paramount Corp said the site is currently a parcel of vacant land surrounded by established residential and commercial developments within the Jalan Ampang-Kuala Lumpur city centre corridor.
It said the transaction will be funded via a combination of internally generated funds and bank borrowings.
“Located off Jalan Ampang within Kuala Lumpur’s prestigious U-Thant enclave, the site enjoys proximity to a wide range of lifestyle, healthcare and education amenities.
“These include Suria KLCC, KLCC Park, the Kuala Lumpur Convention Centre and the Royal Selangor Golf Club, as well as leading medical institutions such as Prince Court Medical Centre, Gleneagles Hospital Kuala Lumpur and Beverley Wilshire Medical Centre.”
It noted that nearby international schools include Sayfol International School and the International School of Kuala Lumpur.
“The area’s established amenities and international profile are expected to attract both domestic and foreign buyers.”
Paramount said it intends to develop the land into two blocks of high-end serviced apartments, leveraging a development order that has already been obtained by the vendor.
“This provides Paramount with a significant speed-to-market advantage, allowing development planning to progress efficiently with a targeted launch by end-2026 and estimated completion period of six years from launch.
“The proposed development is estimated to have a gross development value of approximately RM1.1bil.”
Paramount group chief executive officer Jeffrey Chew said the acquisition builds on Paramount’s established presence in the Jalan Ampang area, where they previously launched The Ashwood and The Atrium, both fully sold.
“The proximity allows us to leverage our familiarity with the location and the strong market reception of our earlier developments to deliver another well-positioned residential offering.”
Meanwhile, IOIPG group chief executive officer Datuk Lee Yeow Seng said the disposal of the land is in line with the group’s strategy to further focus on developing its integrated townships and developments.
Lee said IOIPG will continue to synergise its three core business segments, by increasing the value added components to support its growing communities, particularly in the Klang Valley region.
“Monetisation of undeveloped land is part of the group’s overall strategic transformation plan to balance the revenue portfolio, and the proceeds will enhance the group’s capital deployment.”
