Paramount to acquire 2.62-acre freehold land in Putrajaya for RM40 mil, plans RM323 mil project

• According to Paramount, the site, located within the Putrajaya Sentral masterplan, is near Putrajaya Sentral Station, the city’s main integrated transportation hub connecting the MRT Putrajaya Line, the KLIA Transit Express Rail Link and bus networks.

KUALA LUMPUR (Jan 7): Paramount Corporation Bhd (KL:PARAMON) said it is acquiring a 2.62-acre parcel of freehold land in Putrajaya for RM40 million and plans to develop a residential project with an estimated gross development value (GDV) of RM323 million on the site.

The acquisition will be undertaken by Phoenix Blanc Sdn Bhd, a wholly owned subsidiary of Paramount, which has entered into a sale and purchase agreement with Cahaya Nusantara Sdn Bhd. The purchase will be funded through a combination of internally generated funds and bank borrowings, according to a statement on Wednesday.

According to Paramount, the site, located within the Putrajaya Sentral masterplan, is near Putrajaya Sentral Station, the city’s main integrated transportation hub connecting the MRT Putrajaya Line, the KLIA Transit Express Rail Link and bus networks. The land also has direct access to major road networks, including the Putrajaya–Cyberjaya Expressway and Lingkaran Putrajaya.

Paramount plans to develop a high-rise residential project on the site, with a launch expected about a year after completion of the sale and purchase. The project will add to Paramount’s current GDV of RM5.04 billion and is expected to contribute positively to future earnings.

Group chief executive officer Jeffrey Chew said the acquisition marks the group’s first land purchase of the year, following the acquisition of 363 acres of land last year with an estimated development potential of RM2.3 billion.

“This acquisition reflects a deliberate and value-driven decision to invest in transit-oriented land, which we believe remains one of the most resilient and sought-after asset classes in urban development,” he said.

Paramount said the land comes with secured development orders, allowing for a swift transition from acquisition to project execution. Chew added that the development-ready status would enable the group to capture residential demand for transit-oriented developments, building on its established presence in the surrounding areas.

Shares in Paramount ended one sen, or about 1%, higher at RM1.04 on Wednesday, giving the group a market capitalisation of RM647.7 million.

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