KUALA LUMPUR, Dec 17 (Bernama) -- Paramount Corporation Bhd’s wholly-owned subsidiary Prima Kuasa Sdn Bhd has entered into a sale and purchase agreement with SJ Properties Sdn Bhd to acquire 19.62 hectares (48.49 acres) for a RM579 million housing project.
Paramount said in a statement today that the RM113.5 million acquisition involves three contiguous leasehold parcels at Mukim Bukit Raja, Daerah Petaling Jaya in Selangor.
“It is a strategic move to replenish landbank at locations with strong growth potential and where (the company) already has a strong reputational presence,” the statement said.
The six-year development, comprising double-storey terrace homes, townhouses and low-rise condominium units, has already been granted a development order.
“This will further strengthen Paramount’s current GDV of RM5.04 billion and is anticipated to contribute positively to the future earnings of Paramount’s group of companies,” it said.
According to Paramount, the Section U9 site in Shah Alam is within a new growth area along the Guthrie Corridor Expressway (GCE), about three kilometres (km) from the Damansara-Shah Alam Elevated Expressway and GCE interchange.
Established townships with amenities — Cahaya SPK, Sunway Kayangan, Denai Alam and the City of Elmina — are within a 10-km radius of the site, the statement said.
The transaction will be funded via a combination of internally generated funds and bank borrowings.
Paramount has built a strong presence in Shah Alam over the last two decades, anchored by the 212-ha (524-acre) Kemuning Utama township development, 8.1-ha (20-acre) Utropolis Glenmarie education metropolis and 12.14-ha (30-acre) Sekitar26 Enterprise commercial development.
“We are particularly mindful of building where we have a proven track record. Our approach to build on the legacy in an area we understand well reinforces the trust we have earned with homebuyers and stakeholders,” Paramount group chief executive officer Jeffrey Chew said.
-- BERNAMA
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