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KUALA LUMPUR (March 30): Paramount Property has converted the land tenure of its fully sold Sinaran Residences (residential) and Sinaran Avenue (commercial) developments in Utropolis Batu Kawan, Penang, from leasehold to freehold, benefiting 980 purchasers.
The group said freehold strata titles have been issued to 964 purchasers of Sinaran Residences and 16 purchasers of Sinaran Avenue following regulatory approvals from the Penang state government and participation from homeowners who opted for the tenure upgrade.
Paramount Property's northern region CEO Wang Chong Hwa said the initiative reflected the developer’s commitment to creating long-term value for buyers even after project completion.
“While the development has been fully sold, our commitment to the community does not end there. We took the lead in coordinating this land tenure conversion, working closely with homeowners and the relevant authorities to facilitate the process and support residents in enhancing the long-term value and ownership security of their properties,” he said in a statement.
He added that the conversion removes lease expiry concerns and strengthens the long-term market appeal of the properties.
Sinaran Residences is the third residential phase of the 33.8-acre Utropolis Batu Kawan integrated development, comprising 964 serviced apartment units across two towers, while Sinaran Avenue consists of 16 retail units. The project is located near key infrastructure and economic drivers such as Batu Kawan Industrial Park, the Penang Second Bridge, UOW Malaysia KDU Penang University College, Design Village Outlet Mall and Bandar Cassia.
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