PETALING JAYA (Sept 1): Paramount Corp Bhd (Paramount) is acquiring 32.7 acres of freehold land with a lake view in Cyberjaya for a cash consideration of RM102.7 million.

In a media statement today, Paramount said its wholly-owned subsidiary Utropolis Sdn Bhd has entered into a sale and purchase agreement with Makmur Asiamaju Sdn Bhd to acquire a piece of freehold residential land.

The new land is within a kilometre radius of Paramount’s Sejati Residences and Sejati Lakeside. It is a 35-minute drive from Kuala Lumpur city centre or 25 minutes from KL International Airport, and only 10 minutes from Putrajaya via major highways.

Sejati Residences, which is Paramount’s first high-end landed residential development in Cyberjaya, has since been sold out. This led to Paramount launching Sejati Lakeside in 2019.

Sejati Lakeside is a 41.4-acre low-density landed residential development set against a panoramic 45-acre lake. The Sejati Lakeside development is ongoing and has recorded a 99% take-up rate for its first two phases comprising 2-storey terraced and superlink homes.

“Paramount has a solid reputation in Cyberjaya. We hope to replicate the success of these two developments and the timing couldn’t be better. We are building on the strong momentum of Sejati Lakeside as we target to launch its final phase comprising 3-storey lakefront semi-detached homes, in the fourth quarter of this year,” said Paramount deputy group chief executive officer Benjamin Teo (pictured).

He added that the development of the new piece of land is expected to generate a gross development Value (GDV) of RM319.8 million over six years, which would strengthen the group’s current GDV of RM7.6 billion and contribute positively to future earnings.

The acquisition is in line with Paramount's strategy of replenishing its land bank at locations with strong growth potential and to scale up its property development activities to generate long-term sustainable income, he stressed.

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