Paramount Corp acquires two properties in KL for RM243.8 mil

KUALA LUMPUR: Paramount Corporation Bhd’s unit Paramount Property (Cityview) Sdn Bhd (PPCV) is acquiring two freehold lands and property in Kuala Lumpur worth RM243.8 million from Seniharta Sdn Bhd and DNP Jaya Sdn Bhd.

In an exchange filing today, Paramount Corp entered into sale and purchase agreement (SPA) with Seniharta to acquire a land, measuring about 3,849 square metres in total area with a building erected thereon for RM82.2 million.

Paramount Corp had also acquired a property Kondominium 8 Ampang Hilir from DNP Jaya for RM161.6 million, consisting of 132 units of low-rise condominiums held under individual strata titles in Kuala Lumpur.

“The proposed acquisition is in line with our strategy of replenishing its land bank at strategic locations with strong growth potential and to scale up its property development activities to generate long-term sustainable income,” he company said in the filing.

The acquisition will also enable the company to enhance its property development profile at a prime location in Kuala Lumpur.

“Tapping into the strategic location of the property at close proximity of 2.5km to KLCC and its mature as well as prestigious neighbourhood, PPCV intends to re-develop both lands into a premium high-rise residential development,” it said.

The proposed development comprises 650 units of condominiums for sale on a strata-titled basis after the completion of the Seniharta SPA and the DNPJ SPA

Paramount Corp said the proposed development will also strengthen the group’s current total expected gross development value (GDV) of RM6.8 billion to RM7.7 billion, and contribute positively to the future earnings of the group.

The projected GDV of RM863.0 million is expected to be generated from the proposed development over a period of five years.

“The total gross development cost, however, could not be determined at this juncture pending finalisation of the detailed re- development plan for the property.”

As published: New Straits Times