The acquisition of 18.97 acres of land in Bandar Cassia, Penang, will add RM744 million GDV potential and strengthen Paramount’s foothold in a key northern growth corridor.
Petaling Jaya, 31 July 2025 – Paramount Corporation Berhad (Paramount) has entered into a sale and purchase agreement to purchase 18.97 acres of freehold land located in Bandar Cassia, Penang, from Penang Development Corporation for a total consideration of RM57.841 million, marking a key addition to its landbank to drive sustainable growth in the northern region.
The acquisition is expected to generate a gross development value (GDV) of RM744 million, adding on to Paramount’s remaining landbank of 358.9 acres and remaining GDV of RM5,497 million. The proposed acquisition will be funded through a combination of internally generated funds and bank borrowings.
The newly acquired land is situated in the city center of Bandar Cassia in Penang, within 600-meter radius of Utropolis Batu Kawan development, Paramount Property’s award-winning development. With excellent accessibility via Jalan Tun Abdullah Ahmad Badawi (previously known as Lebuhraya Bandar Cassia) and a thriving community ecosystem already in place, the new development is set to complement the existing landscape by providing a diverse range of quality homes and business opportunities.
Paramount Group CEO Jeffrey Chew said, “This landbank replenishment is testament to our confidence in the long-term potential of this high-growth region, and is expected to contribute positively to our long-term revenue. Our track record in this region has shown how integrated developments can truly transform local economies and uplift communities. We are excited to build on this momentum with a new development in the mature township of Bandar Cassia that will serve as the next chapter in our vision for Penang.”
The proposed development comprises serviced apartments, semi-detached townhouses and shop offices. Construction is slated to commence in 2027 with completion by 2033. Once fully completed, the development will provide housing options as well as create a vibrant commercial environment that enhances liveability and economic growth in the state.