Paramount buys Cyberjaya land for RM78m

June 2, 2010 |

(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.

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