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PETALING JAYA (Sept 18): Paramount Corp Bhd has completed its RM113.5 million acquisition of three contiguous leasehold land parcels totalling 48.489 acres in Shah Alam, Selangor.
In a Bursa Malaysia filing on Friday (Sept 18), the property developer said its wholly-owned subsidiary Prima Kuasa Sdn Bhd settled the RM102.15 million balance purchase price on the same day, completing the acquisition from SJ Properties Sdn Bhd.
The balance represented 90% of the purchase consideration. Under the sale and purchase agreement signed in December 2025, Prima Kuasa had paid a RM11.35 million deposit before the agreement date.
The vacant parcels in Section U9, Shah Alam, have a combined area of about 2.11 million sq ft. Their 99-year leases expire on Dec 27, 2108.
The land is designated for building use, with an express condition for residential buildings. Paramount had said the vendor had obtained development approvals for the site, which would enable a faster launch of the proposed residential development, according to the group.
The proposed development has a projected gross development value of about RM579 million over six years. Paramount said in December that its detailed development plan had yet to be finalised and the gross development cost could not then be determined.
The site is located in what Paramount described as a new Shah Alam growth centre along the Guthrie Corridor Expressway, about 3km from the interchange connecting it with the Damansara-Shah Alam Elevated Expressway. Nearby developments include Cahaya SPK, Sunway Kayangan, Denai Alam and City of Elmina.
Paramount previously said the acquisition and development would be funded through internally generated funds and bank borrowings, with the final mix to be decided later.
Independent valuer Henry Butcher Malaysia (Sel) Sdn Bhd valued the land at RM113.5 million using the comparison approach.
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