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PETALING JAYA (June 18): Paramount Corp Bhd's wholly owned subsidiary Meridian Kuasa Sdn Bhd has completed the acquisition of a 14,974 sq m (approximately 3.7 acres) freehold commercial plot off Jalan Ampang, Kuala Lumpur, after settling the balance purchase price of RM232.1 million on June 16, 2026.
It said in a Bursa filing on Tuesday (June 16) that the land, identified as Lot 20009, Seksyen 89A, Bandar Kuala Lumpur, was acquired from IOI Properties Bhd (IOIPB), a 99.9%-owned subsidiary of IOI Properties Group Bhd, at a total cash consideration of RM257,888,218.
The purchase price was arrived at on a willing-buyer, willing-seller basis and is in line with the independent market valuation of RM258 million ascribed by Henry Butcher Malaysia Sdn Bhd using the comparison approach.
The land title carries an express condition restricting use to commercial buildings for serviced apartments only. As at the date of the sale and purchase agreement on March 18, IOIPB had already obtained a development order from the relevant local authority for development of the land into two blocks of serviced apartments.
Paramount intends to develop the site into two blocks of serviced apartments with a projected gross development value of approximately RM1.1 billion. The project is targeted for launch by end-2026 and is expected to be completed within six years from launch. The acquisition increases the group's total remaining GDV, which stood at RM4.8 billion as at Dec 31, 2025.
Paramount said its two earlier projects in the immediate vicinity — The Ashwood and The Atrium — are fully sold, and that the new site is located approximately 0.9 km from those developments.
The site is accessible from Jalan Ampang and is near Persiaran KLCC MRT station as well as Ampang Park LRT and MRT stations. Adjacent developments include Menara ALTY, Desa Angkasa Condominium, 183 Ampang Condominium and Dedaun Residence.
Separately, Paramount Capital Resources Sdn Bhd, a wholly owned subsidiary of Paramount, issued RM232.099 million in nominal value of Sukuk Murabahah on June 16 pursuant to its RM800 million Sukuk Murabahah programme. Total Sukuk Murabahah outstanding under the programme stands at RM347.898 million following the issuance.
Concurrently, executive director and substantial shareholder Benjamin Teo Jong Hian acquired 102,600 Paramount shares in the open market between June 12 and June 15. Following the purchases, Teo held a direct interest of 9.675 million shares representing 1.554%, and a deemed interest of 170.468 million shares representing 27.372%.
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