KUALA LUMPUR (Jan 7) – Paramount Corporation Bhd has expanded its landbank with the acquisition of a 2.62-acre freehold site in Putrajaya for RM40 million, setting the stage for a high-rise residential development with an estimated gross development value (GDV) of RM323 million.
The land purchase will be carried out via Phoenix Blanc Sdn Bhd, a wholly owned subsidiary of Paramount, following the execution of a sale and purchase agreement with Cahaya Nusantara Sdn Bhd. Funding for the acquisition will come from a combination of internal cash resources and bank financing.
Strategically positioned within the Putrajaya Sentral masterplan, the site benefits from immediate proximity to Putrajaya Sentral Station — the city’s primary integrated transport hub linking the MRT Putrajaya Line, KLIA Transit, Express Rail Link (ERL), and key bus routes. It also enjoys direct connectivity to major road infrastructure, including the Putrajaya–Cyberjaya Expressway and Lingkaran Putrajaya, enhancing accessibility for residents and businesses alike.
Paramount plans to launch the residential project approximately one year after the completion of the land acquisition. Once developed, the project will add to the group’s existing GDV pipeline of RM5.04 billion and is expected to contribute positively to earnings in future financial periods.
Group chief executive officer Jeffrey Chew noted that this marks Paramount’s first land acquisition of the year, following the purchase of 363 acres of land in 2024 with an estimated development potential of RM2.3 billion. He emphasised that the latest acquisition reflects the group’s strategic focus on transit-oriented developments, which continue to demonstrate resilience and strong demand in urban growth corridors.
Paramount also highlighted that the land comes with secured development orders, allowing for a faster transition from acquisition to construction. This development-ready status positions the group to respond swiftly to residential demand driven by transit connectivity, while reinforcing its footprint in the Putrajaya and Greater KL region.
While primarily residential in nature, the acquisition underscores continued investor confidence in well-located land assets supported by infrastructure — a trend that also supports demand for commercial property in KL, office space in Bukit Jalil, and industrial land in Selangor, particularly in areas linked to transit nodes and employment centres.
Shares of Paramount closed one sen higher at RM1.04, valuing the group at approximately RM647.7 million.
Malaysia