Paramount to develop RM863m project in Ampang

PARAMOUNT Corp Bhd plans to redevelop two properties in the U-Thant enclave of Kuala Lumpur (KL) into a premium high-rise residential development with an estimated gross development value (GDV) of RM863 million.

The property developer said its unit, Paramount Property (Cityview) Sdn Bhd (PPCV), had bought two contiguous pieces of land totalling 1.83ha, along with the condominium and serviced apartment buildings on them, for RM243.8 million for the purpose. PPCV yesterday signed agreements with Singapore-listed Wing Tai Holdings Ltd’s subsidiaries, Seniharta Sdn Bhd and DNP Jaya Sdn Bhd, to acquire the properties at Jalan Ampang Hilir in KL.

In a statement, Paramount group CEO Jeffrey Chew said the proposed development would comprise about 650 units of condominium.

“The estimated GDV of RM863 million to be generated from the proposed development over five years is expected to further strengthen Paramount’s current total expected GDV of RM6.8 billion to RM7.7 billion and contribute positively to future earnings,” he said.

The site is located at the prestigious U-Thant enclave — which is surrounded by foreign embassies, high commissions, high-end residences, international schools and medical centres.

“The market prices for condominiums in the area are about 30% to 40% lower than those at the Kuala Lumpur City Centre (KLCC) area (located about 2.5km away). As such, Paramount’s proposed premium residential development would be an attractive address in the KL city and an alternative to properties at KLCC,” he said. Chew said the development would have easy access to a catchment of expatriates in the area as well as the larger population of the Klang Valley, which is expected to surpass 10 million by 2035.

“The acquisition is in line with our strategy of replenishing landbank at strategic locations with strong growth potential and to scale up our property development activities to generate longterm sustainable income,” he said.

As published: The Malaysian Reserve