Paramount to buy freehold land in Penang for RM57.84mil
The property developer said the purchase marked a key addition to its landbank to drive sustainable growth in the northern region and will be used for a new mixed development.
In a statement, Paramount said the acquisition is expected to generate a gross development value (GDV) of RM744 million and add to Paramount's remaining landbank of 145.24 ha and remaining GDV of RM5.49 million.
It said that the proposed acquisition would be funded through a combination of internally generated funds and bank borrowings.
"The newly acquired land is located in the city centre of Bandar Cassia in Penang, within a 600-metre radius of Utropolis Batu Kawan development.
"With accessibility via Jalan Tun Abdullah Ahmad Badawi (previously known as Lebuhraya Bandar Cassia) and a thriving community ecosystem already in place, the new development is set to complement the existing landscape by providing a diverse range of quality homes and business opportunities," it said.
Paramount's group chief executive officer, Jeffrey Chew, said the acquisition is expected to contribute positively to its long-term revenue.
"Our track record in this region has shown how integrated developments can truly transform local economies and uplift communities.
"We are excited to build on this momentum with a new development in the mature township of Bandar Cassia that will serve as the next chapter in our vision for Penang," he said.
Paramount said the proposed development comprises serviced apartments, semi-detached townhouses and shop offices.
Construction is scheduled to commence in 2027 with completion by 2033.
"Once fully completed, the development would provide housing options as well as create a vibrant commercial environment that enhances liveability and economic growth in the state," it added.
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