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Paramount Corporation Bhd has announced that a subsidiary plans to acquire three parcels of leasehold land in Negeri Selangor Darul Ehsan for MYR 113.5 million. The proposal was disclosed through a regulatory filing, with no details shared on land size, exact location, or intended use. Selangor remains a key development market due to strong infrastructure and steady demand. The acquisition aligns with Paramount's cautious land banking approach aimed at supporting future development while maintaining flexibility in project execution.
Paramount Corporation Bhd has informed the market that one of its subsidiaries intends to acquire three parcels of leasehold land in Negeri Selangor Darul Ehsan for a total consideration of MYR 113.5 million. The information was shared through a regulatory disclosure, confirming that the transaction is still at the proposal stage. The company has not provided details on the size of the land parcels, tenure balance, or the specific location within Selangor. It has also not outlined the planned development or timeline for the land at this stage. Advertisement
Selangor continues to be a key market for property developers due to its strong urbanisation, transport connectivity, and proximity to Kuala Lumpur. Leasehold land remains widely used for residential and mixed-use projects across the state. Paramount Corporation has historically followed a measured land acquisition strategy, focusing on projects with clear demand visibility and phased development potential. In recent years, the group has concentrated on strengthening its development pipeline rather than aggressive land accumulation, especially amid fluctuating market conditions.
The proposed acquisition adds to Paramount's existing land bank in Selangor and supports its longer-term project planning. Any development on the land would be subject to market conditions, approvals, and internal feasibility assessments. The company has not disclosed whether the acquisition will be funded through internal resources or borrowings.
Source Reuters
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