PETALING JAYA (July 7): Paramount Corp Bhd purchased 137.1 acres (55.48ha) of freehold agriculture land to expand its existing 520-acre Bukit Banyan township in Sungai Petani, Kedah.
Paramount group chief executive officer (CEO) Jeffrey Chew said its subsidiary Paramount Property (Utara) Sdn Bhd had entered into a sales and purchase agreement with BDB Land Sdn Bhd, a subsidiary of Bina Darulaman Bhd, yesterday to buy two parcels of land (62.6 and 74.5 acres respectively) for a total consideration of RM24 million.
The purchase will be funded by proceeds received from the divestment of Paramount's pre-tertiary education business earlier this year.
As at March 31, Bukit Banyan had 178 acres of undeveloped land and a remaining potential gross development value (GDV) of RM498 million.
With the acquisition of the 137.1 acres, the township will have 315.1 acres to be developed from now until 2030. Chew said Paramount expects a GDV of RM400 million from both residential and commercial properties to be built after the conversion of the land status.
Launched in 2012, Bukit Banyan is Paramount's third township development in Kedah. With the additional 137.1 acres, the development will span a total of 657.1 acres.