KUALA LUMPUR (July 31): Paramount Corp Bhd (KL:PARAMON) is acquiring a piece of freehold land in Penang from Penang Development Corp for RM57.84 million and planning a new mixed development with an estimated gross development value (GDV) of RM744 million on the plot.
Located in the city centre of Bandar Cassia, the 18.97-acre plot is strategically situated within 600 metres of Paramount Property’s award-winning Utropolis Batu Kawan development. The proposed project will comprise serviced apartments, semi-detached townhouses and shop offices.
Construction is slated to commence in 2027 and anticipated to be completed by 2033. This acquisition will boost Paramount’s remaining land bank to 358.9 acres, with a remaining GDV of RM5.497 billion, the company stated on Thursday.
Paramount group chief executive officer Jeffrey Chew Sun Teong said the acquisition is testament to the group’s confidence in the long-term potential of this high-growth state. “Our track record in this region has shown how integrated developments can truly transform local economies and uplift communities. We are excited to build on this momentum with a new development in the mature township of Bandar Cassia that will serve as the next chapter in our vision for Penang.”
This latest acquisition comes after Paramount announced it was buying a 28% stake in Singapore Exchange-listed Envictus International Holdings Ltd, the operator of Texas Chicken and San Francisco Coffee in Malaysia, to expand its footprint in the food and beverage sector.
It is buying the stake for S$38.33 million (RM126.32 million) in cash from JAG Capital Holdings Sdn Bhd. JAG Capital, in which Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani holds a 96% stake, currently owns 29.6% of Envictus.
Shares of Paramount settled one sen or 0.92% lower at RM1.08 on Thursday, giving the group a market capitalisation of RM673 million.
Source: The EdgeProp Malaysia (4 August 2025)