Paramount buys Cyberjaya land for RM78m
(The Edge Financial Daily, Wednesday, 2 June 2010 – Business & Finance – Page, 6 )
KUALA LUMPUR: Paramount Corp Bhd, via its subsidiary Omni Assets Sdn Bhd (OASB), has entered into a sale and purchase agreement with Cyberview Sdn Bhd and Setia Haruman Sdn Bhd for the purchase of a 50.01- acre (20.2ha) parcel of land in Cyberjaya for RM78.42 million cash.
In a statement to Bursa Malaysia yesterday, Paramount said the purchase would be funded via its internal funds and bank borrowings.
The freehold land within the Cyberjaya flagship zone is currently a vacant site, and is designated for residential use.
Paramount is planning to undertake a mixed project consisting of exclusive mid-upper to high-class guarded residential landed development and high-rise condominium with a gross development value of about RM530 million.
The proposed development is expected to start in the third quarter of financial year 2011.
