KUALA LUMPUR: Paramount Corp Bhd is buying 41.4 acres of land in Cyberjaya for RM149.7mil, which the company plans to develop into a high-end gated residential project.
The gross development value (GDV) of the project is estimated at RM570mil over six years, the company said in a filing with Bursa Malaysia today.
“The proposed acquisition will further strengthen the group’s current total GDV of RM8.6bil and contribute positively to the future earnings of the group,” it said.
Paramount is buying the land from Makmur Asiamaju Sdn Bhd, a company controlled by Areca Holdings Sdn Bhd and Setia Haruman Sdn Bhd.
The land has been approved for a stratified landed residential development with a density of 418 units of residential properties, the statement showed.
“The landed residential development as approved under the development order is also in line with Paramount’s strategy of balancing its property development profile with a mix of different types of products to cater to different market demands,” it said.
Shares in Paramount climbed 4 sen to an all-time high of RM1.92 today.