Paramount expands northern footprint with RM57.8mil land acquisition in Batu Kawan
Paramount Corp Bhd is about to strengthen its presence in Penang with the acquisition of an 18.97-acre freehold parcel in Bandar Cassia from Penang Improvement Company for RM57.841 million. Positioned close to its present Utropolis Batu Kawan improvement, the positioning is poised for a mixed-use undertaking comprising serviced residences, semi-detached townhouses, and store places of work.
The deliberate improvement, anticipated to start development in 2027 and full by 2033, carries an estimated gross improvement worth (GDV) of RM744 million. This transfer expands Paramount’s complete landbank to 358.9 acres and lifts its remaining GDV to RM5.5 billion.
Based on group CEO Jeffrey Chew, the acquisition reaffirms the corporate’s confidence within the long-term prospects of Penang’s high-growth hall. Paramount will fund the acquisition via a mixture of inside funds and financial institution financing.
The undertaking is anticipated to boost liveability and stimulate business vibrancy, additional cementing Paramount’s position in shaping the northern property panorama.
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