PETALING JAYA: Paramount Corp Bhd

is acquiring an 18.97-acre piece of freehold land in Bandar Cassia, Penang, from Penang Development Corp for RM57.841mil.

In a statement, the company said the acquisition marks a key addition to its landbank to drive sustainable growth in the northern region.

The company said the acquisition is expected to generate a gross development value (GDV) of RM744mil, adding on to its remaining landbank of 358.9 acres and remaining GDV of RM5,497mil.

“The proposed acquisition will be funded through a combination of internally generated funds and bank borrowings,” it said.

The newly acquired land is situated in the city center of Bandar Cassia in Penang, within 600-meter radius of Utropolis Batu Kawan development, Paramount Property’s award-winning development.

Paramount Group chief executive officer Jeffrey Chew said the landbank replenishment is testament to its confidence in the long-term potential of this high-growth region and is expected to contribute positively to the company’s long-term revenue.

The proposed development comprises serviced apartments, semi-detached townhouses and shop offices.

Construction is slated to commence in 2027 with completion by 2033. Once fully completed, the development will provide housing options as well as create a vibrant commercial environment that enhances liveability and economic growth in the state.