Paramount acquires Putrajaya land for RM40mil

KUALA LUMPUR: Paramount Corp Bhd has acquired a 1.06-hectare parcel of freehold land in Putrajaya for RM40 million as part of its disciplined land replenishment strategy. The acquisition was undertaken by its subsidiary, Phoenix Blanc Sdn Bhd, which entered into a sale and purchase agreement with Cahaya Nusantara Sdn Bhd, a local property development and construction company. Paramount said the purchase will be funded through a combination of internally generated funds and bank borrowings. The land is earmarked for a high-rise residential development with an estimated gross development value (GDV) of RM323 million. The project is expected to be launched about a year after the completion of the sale and purchase agreement. Following the acquisition, the group’s total GDV is expected to rise to RM5.04 billion and contribute positively to future earnings, it said. Paramount added that the land comes with secured development orders, enabling a faster transition from acquisition to construction and supporting its speed-to-market strategy. Group chief executive officer Jeffrey Chew said the acquisition builds on last year’s land replenishment momentum, during which the group acquired about 147 hectares with RM2.3 billion in development potential, marking its first land purchase 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 in a statement. Chew added that the Putrajaya site is development-ready, allowing Paramount to move quickly to meet demand for a transit-oriented residential project while leveraging its established brand presence in the area.