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- The transaction was executed via Dynamic Gates Sdn Bhd, a special purpose vehicle formed under Paramount Corporation Bhd’s earlier securitisation exercise, and the group plans to develop a high-rise project on the site as part of its broader expansion strategy in the Northern Region.
KUALA LUMPUR (Dec 4): Majestic Gen has acquired three adjoining parcels of freehold land along Jalan Anson in George Town for RM75 million.
The transaction was executed via Dynamic Gates Sdn Bhd, a special purpose vehicle formed under Paramount Corporation Bhd’s earlier securitisation exercise, and the group plans to develop a high-rise project on the site as part of its broader expansion strategy in the Northern Region.
Majestic Gen chief executive officer Datuk Hoo Kim See said: “This acquisition represents an important step in our expansion in the Northern Region. Penang remains a resilient and forward-moving market, and strengthening our presence here aligns with our vision to build developments that carry meaningful value.”
The land measures about 295,508 sq ft in gross floor area, and is currently occupied by UOW Malaysia KDU Penang University College. The purchase price exceeds the RM70 million valuation carried out on Nov 13, reflecting the group’s confidence in the long-term value of the location.
Majestic Gen executive director Mr Ta Wee Dher said: “The Jalan Anson site offers a valuable foundation for our next phase of growth in Penang. Its location and surroundings carry strong potential. This acquisition allows us to plan with foresight, while honouring the character of George Town.”
Located in one of Penang’s most established cultural and educational districts, the site offers accessibility, mature infrastructure and proximity to key medical and commercial facilities.
The move follows the July 2025 launch of Majestic Aman, a residential-commercial project in Taman Sungai Dua Utama in Seberang Perai Utara. It comprises 73 terrace homes and 23 shopoffices with a gross development value (GDV) of RM66.8 million.
Separately, Majestic Gen is also developing the 176-acre Northern TechValley industrial park near the Butterworth-Kulim Expressway, via a joint venture with AME Elite Consortium Bhd. The project carries a projected GDV of RM1.3 billion.
The Jalan Anson acquisition strengthens Majestic Gen’s land bank and signals the group’s intention to expand into integrated urban developments on Penang island.
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