Majestic Gen buys RM75mil land in Penang

GEORGE TOWN: Majestic Gen Sdn Bhd has acquired three adjoining parcels of freehold land along Jalan Anson here for RM75mil.

The developer acquired the land from Dynamic Gates Sdn Bhd, a special purpose vehicle under Paramount Corp Bhd’s earlier securitisation exercise.

In a statement yesterday, Majestic Gen said the land, with a combined gross floor area of about 295,508 sq ft, is currently occupied by UOW Malaysia KDU Penang University College.

Its chief executive officer, Datuk Hoo Kim See, said the acquisition represents an important step in the group’s strategy to expand within high-growth urban centres across the northern region, adding that Penang continues to show resilience and economic momentum across sectors such as technology, culture, tourism and education.