Paramount Corp Bhd is strengthening its land bank with the acquisition of a 2.62-acre freehold parcel in Putrajaya, as part of its ongoing land replenishment strategy that prioritises well-located sites with strong fundamentals, excellent connectivity and readiness for development.
In a statement, the property developer said its wholly owned subsidiary, Phoenix Blanc Sdn Bhd, has entered into a sale and purchase agreement with Cahaya Nusantara Sdn Bhd to acquire the land for RM40 million in cash. The acquisition will be financed through a combination of internally generated funds and bank borrowings.
The land is situated within the Putrajaya Sentral masterplan area, a key growth zone in the administrative capital. It enjoys close proximity to Putrajaya Sentral Station, a major integrated transportation hub that connects the MRT Putrajaya Line, the ERL KLIA Transit and various bus services. The strategic location provides direct access to Putrajaya, Cyberjaya, Kuala Lumpur city centre and Kuala Lumpur International Airport, enhancing its appeal for residential development.
Paramount plans to develop a high-rise residential project on the site, with an estimated gross development value (GDV) of RM323 million. Subject to approvals, the project is expected to be launched approximately one year after the completion of the sale and purchase agreement.
The group said the acquisition aligns with its disciplined growth strategy, allowing it to secure quality land in established and well-connected urban locations to support future developments and long-term value creation.
