Paramount in RM114mil land acquisition

PETALING JAYA: Paramount Corp Bhd is acquiring three contiguous parcels of leasehold land measuring 48.489 acres at Mukim Bukit Raja, Selangor, from SJ Properties Sdn Bhd for RM113.5mil.

In a filing with Bursa Malaysia, the property developer said the proposed acquisition was in line with Paramount’s strategy of replenishing its land bank at strategic locations with strong growth potential and where Paramount has gained a positive reputational track record.

“The land is located within the new growth centre of Shah Alam along the Guthrie Corridor Expressway (GCE) and approximately three km from the Damansara-Shah Alam Elevated Expressway and GCE interchange.

“Current township developments that are located within a 10-km radius of the land include Cahaya SPK, Sunway Kayangan, Denai Alam and the City of Elmina,” it said.