Paramount buys 137 acres to expand Bukit Banyan township project in Sungei Petani

PETALING JAYA: Paramount Corp Bhd’s acquisition of 137.1 acres in Sungai Petani, Kedah, for a consideration of RM24 million, will expand its existing 520-acre Bukit Banyan township by 26%.

The group disclosed that it entered into a sale and purchase agreement on Monday with Bina Darulaman Bhd’s subsidiary, BDB Land Sdn Bhd, for two parcels of freehold agriculture land via its subsidiary Paramount Property (Utara). It said the purchase will be funded by the proceeds received from its divestment of the pre-tertiary education business earlier this year.

According to Paramount CEO Jeffrey Chew, a gross development value (GDV) of RM400 million is expected from the development of residential and commercial properties after the conversion of the land status.

“Bukit Banyan is Paramount’s star project in the northern region, one of the hottest housing projects in Kedah in 2019, and a winner of multiple awards,” said Chew.

He said that prior to the expansion, Bukit Banyan had 178 acres of undeveloped land and a remaining potential gdv of RM498 million, as at March 31, 2020. After the acquisition, the township will have 315.1 acres to be developed until 2030.

Bukit Banyan is Paramount’s third township development project in Kedah after Taman Patani Jaya and Bandar Laguna Merbok. Four phases with a GDV of RM165 million were launched in 2019. Another two phases with a GDV of RM59 million are being launched this year, with house prices ranging from RM390,000 to RM565,000.

source https://www.thesundaily.my/business/paramount-buys-137-acres-to-expand-bukit-banyan-township-project-in-sungei-petani-CF2722657