Paramount Corp Bhd is buying 41.41 acres of land in Cyberjaya for RM149.71 million (RM83 psf) to build a gated and guarded landed residential development. The previous project on the land was known as Areca Contempo Homes by Nadayu, which has since been cancelled following the transaction. The site is also adjacent to 25.55 acres commercial land owned by SGX-listed Hatten Group, which they also bought from the same seller.
Paramount Corp Bhd’s wholly-owned subsidiary Paramount Property (Lakeside) Sdn Bhd is buying the freehold land from Makmur Asiamaju Sdn Bhd (MASB), which is jointly owned by Areca Holdings Sdn Bhd (70%) and Setia Haruman Sdn Bhd (30%). Areca Holdings Sdn Bhd is controlled by Nadayu Properties Bhd.
Paramount also has a development known as Sejati Residences that sits within a kilometre of the land being acquired. The developer aims to replicate the success of Sejati Residences, which has achieved a 90% take-up rate to date, and to capitalise on existing manpower from the earlier project. The group expects to see a shorter turnaround period for the proposed development, with the RM570 million gross development value to be generated over a period of six years.
Lot no: H.S.(D) 36154 PT 50495, Mukim Dengkil, Daerah Sepang, Negeri Selangor
Land area: 41.406 acres or 167,566.82 square meters
Category of Land Use: Residential
Land price: RM149,702,565 (RM83 psf)
Date of transaction: 12 January 2018
Vendor: Makmur Asiamaju Sdn Bhd (70% Areca Holdings Sdn Bhd and 30% Setia Haruman Sdn Bhd)
Purchaser: Paramount Property (Lakeside) Sdn Bhd (company of Paramount Corp Bhd)
1. Development order approved for a stratified landed residential development with a density of 418 units of residential properties pursuant to a development order dated 24 February 2014 granted by Majlis Perbandaran Sepang to MASB.
2. Land valuation – RM150,000,000.00 as appraised by Jones Lang Wootton (JLW) based on the Comparison Approach valuation methodology according to JLW’s valuation report dated 12 December 2017.