Chew: This acquisition will enable Paramount to enhance our property development profile at a prime location in the heart of KL. (Photo by Paramount Corp)
PETALING JAYA (July 16): Paramount Corp Bhd (Paramount) is acquiring 4.54 acres of prime freehold land with buildings at Jalan Ampang Hilir, Kuala Lumpur, in the vicinity KL’s Embassy Row for redevelopment. A 20-storey building with serviced suites and 132 low-rise condominium units are situated on the site.
The company announced today that Paramount Property (Cityview) Sdn Bhd (PPCV), a wholly-owned subsidiary of Paramount, entered into sale and purchase agreements with the subsidiaries of Singapore-listed Wing Tai Holdings Limited (WTHL), Seniharta Sdn Bhd and DNP Jaya Sdn Bhd, for two pieces of contiguous land measuring 0.95 acres and 3.59 acres for a total purchase consideration of RM243.8 million.
“This is Paramount’s first venture into property development in Kuala Lumpur and we are very excited about the prospects. This acquisition will enable Paramount to enhance our property development profile at a prime location in the heart of KL,” said Paramount Group CEO Jeffrey Chew.
Paramount intends to redevelop the properties into a premium high-rise residential development consisting of about 650 units with an estimated gross development value (GDV) of RM863 million to be generated from the proposed development over a period of five years.
As published: EdgeProp