Malaysia’s Paramount bares new land acquisition
Malaysian property development firm Paramount Corp. Bhd. has reported its acquisition of nine parcels of land in Klang, Selangor state, for RM110 million (US$37 million).
Paramount said it plans to develop the land, purchased from FK Realty Sdn. Bhd., into an integrated commercial hub over a ten-year period.
The company said the acquisition, to be financed through internally generated funds and bank borrowings, was in line with its strategy of replenishing its landbank in order to "generate long-term sustainable income and viability."
A recent property project by Paramount is Kemuning Utama, in Klang Valley's Shah Amal Corridor, which is described now as an innovative township that features "a lifestyle of prestige and privacy and quality homes."
"A well executed integrated commercial development in Klang is marketable and would add vibrancy into the town," Paramount informed Bursa Malaysia where the company is listed.
The acquisition, the company said, is expected to generate economic benefits and contribute positively to the earnings of the group. The development cost of the land has not been determined yet.
Meanwhile, Iskandar Malaysia has disclosed its goal of wooing RM73 billion worth of new investments to the country's Johor Baru economic growth corridor over the five years to 2015.
By end-2010 Iskandar Malaysia had already attracted RM69.48 billion investments, exceeding its target of RM47 billion for 2010. With an additional RM3.76 billion in the 2011 first quarter, the total committed investments since the development's inception in 2006 now reach RM73.24 billion, Iskandar Regional Development Authority CEO Ismail Ibrahim has told local journalists.
Foreign investors account for 41 percent of the total committed investments so far, with local investors putting in 59 percent, he said.
A development plan for the area envisions Iskandar Malaysia as an international metropolis by 2025 that will also feature electrical and electronics industries, petrochemical and oleochemical, food and agro-processing, logistics and related services, tourism, health services, educational services, financial services and ICT and creative industries.