Paramount buys Cyberjaya land for RM78m

KUALA LUMPUR: Paramount Corp Bhd, via its subsidiary Omni Assets Sdn Bhd (OASB), has entered into a sale and purchase agreement with Cyberview Sdn Bhd and Setia Haruman Sdn Bhd for the purchase of a 50.01-acre (20.2ha) parcel of land in Cyberjaya for RM78.42 million cash.

In a statement to Bursa Malaysia on Tuesday, June 1, Paramount said the purchase would be funded via its internal funds and bank borrowings. The freehold land within the Cyberjaya flagship zone is currently a vacant site, and is designated for residential use.

Paramount is planning to undertake a mixed project consisting of exclusive mid-upper to high-class guarded residential landed development and high-rise condominium with a gross development value of about RM530 million. The proposed development is expected to start in the third quarter of financial year 2011.