By Ethel Khoo
An artist’s impression of the Bukit Banyan township’s main entrance. (Photo by Paramount)
PETALING JAYA (July 7): Paramount Corp Bhd purchased 137.1 acres (55.48ha) of freehold agriculture land to expand its existing 520-acre Bukit Banyan township (pictured) in Sungai Petani, Kedah.
Paramount group chief executive officer (CEO) Jeffrey Chew said its subsidiary Paramount Property (Utara) Sdn Bhd had entered into a sales and purchase agreement with BDB Land Sdn Bhd, a subsidiary of Bina Darulaman Bhd, yesterday to buy two parcels of land (62.6 and 74.5 acres respectively) for a total consideration of RM24 million.
The purchase will be funded by proceeds received from the divestment of Paramount’s pre-tertiary education business earlier this year.
As at March 31, Bukit Banyan had 178 acres of undeveloped land and a remaining potential gross development value (GDV) of RM498 million.
As published: EdgeProp