By Ethel Khoo
An artist’s impression of the Bukit Banyan township’s main entrance. (Photo by Paramount)
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