Paramount Group acquires 21.7-acre tract in Selangor for RM62.4 million

KUALA LUMPUR: Developer Paramount Corp Bhd (Paramount Group) has entered into a conditional Sale Agreement for the acquisition of a 21.7-acre freehold vacant tract close to the Bukit Jelutong/Shah Alam interchange of the New Klang Valley Expressway (NKVE) in Selangor with The Titular Superior of the Brothers of Saint Gabriel, founder of The Monfort Boys Town in Shah Alam, for RM62.4 million, or RM66 psf.

According to a statement released by Paramount Group, the site is part of the 57-acre land and a major portion of the Master Title accommodates the premises of The Monfort Boys Town while its northern boundary touches the NKVE. The acquisition is in line with the group’s strategy of replenishing its landbank to generate long-term sustainable income and viability.

Part of the land, some 10 acres, has been designated for the new campus of KDU College, a tertiary educational institution. The remaining land is slated for a mixed development consisting of commercial developments and condominiums. The total development cost has yet to be determined, pending finalisation and approval of a detailed layout plan.

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