PWCC is a flagship component of The Light City, a major waterfront development along Penang’s eastern coastline.
Paramount said the suit is unlikely to impact its finances, as the SPA signed in December 2024 allows TBSB to cancel the deal and claim a refund if legal issues block the transaction.
The Arden office tower is located within TA Global’s 48-acre Damansara Avenue masterplan, a mixed-use development with direct access to the Sri Damansara MRT station.
The contract was awarded to Ageson Kensetsu Sdn Bhd, a wholly-owned subsidiary of TXCD, by Vestland Resources Sdn Bhd.
The hospitality operator said both agreements — SPA 1 and SPA 2, dated Dec 11, 2020 — had automatically lapsed as of Dec 31, 2024, due to the non-fulfilment of the agreed conditions within the stipulated time frame and the absence of any further extension.
The property developer highlighted that one of its key JV projects, Solasta Dutamas — a three-tower residential development in Mont Kiara with a gross development value of RM771 million — is progressing well and is on track for completion in 2026.
The property developer had previously paid a special dividend of 2.
The group has, via its wholly owned SkyWorld Development (Vietnam) Co Ltd (SkyWorld Vietnam), inked a memorandum of understanding (MOU) with Dong Me Kong Construction Manufacture Trading Service Co Ltd (DMK) and Phu My Development Investment Joint Stock Company (PM) for the purpose.
Open house hosted by the Consulate General of Malaysia on April 5.
According to its exchange filing on Wednesday, the property is being purchased from Ahmad Fuad Ismail and it comprises two individual titles with a combined land area of approximately 401.
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