The RM128.74 million land acquisition in Bandar Lunas, Kulim, is in line with Paramount’s strategy of replenishing its landbank in key growth locations, and signals its renewed commitment to the northern region where it has gained a strong reputational foothold.
Petaling Jaya, 8 August 2025 – Paramount Corporation Berhad (Paramount) is acquiring four contiguous parcels of freehold land measuring 295.55 acres at Bandar Lunas in Kulim, Kedah, marking a strategic move to replenish its landbank at locations with strong growth potential and where it already has a strong presence.
Paramount Property (Seaview) Sdn Bhd, a wholly owned subsidiary of Paramount, today entered into a sale and purchase agreement with Golden Bluechip Sdn Bhd, a local company principally involved in palm oil trading and property development, to acquire 295.55 acres of freehold land for a total cash consideration of RM128.74 million. The transaction will be funded via a combination of internally generated funds and bank borrowings.
The proposed development, which is expected to launch in 2027, carries an estimated gross development value (GDV) of RM946.00 million over seven years. This will further strengthen Paramount’s total GDV portfolio, which currently stands at RM5.49 billion, and is anticipated to contribute positively to Paramount’s future earnings.
The site is located just 12 kilometers north of Kulim town center and about four kilometers north of Phase 4A of the Kulim Hi-Tech Park (KHTP) in Kedah, one of Malaysia’s most successful and strategic industrial parks.
Paramount Group CEO Jeffrey Chew said, “With Kulim’s prominence, infrastructure connectivity and investment inflows, this acquisition is in line with our strategy of replenishing landbank in strategic locations with strong growth potential. The increasing concentration of industries and workers in KHTP is expected to accelerate population growth and spur parallel demand for quality housing and commercial offerings in nearby Bandar Lunas. This makes a compelling choice for our next integrated township.”
Over the last four decades, Paramount has built a strong brand presence in the northern region of Peninsular Malaysia. In Kedah, Paramount has set a new benchmark in township design and planning with its pioneer township of Taman Patani Jaya (173 acres and duly completed) in Sungai Petani and, subsequently, solidified its reputation for quality and innovation with two award-winning township developments in the same city, namely Bandar Laguna Merbok (493 acres and duly completed) and Bukit Banyan (657 acres and ongoing).
“We have a unique advantage rooted in our familiarity with the communities and growth landscape in Kedah, and will continue to build on the success of our award-winning townships,” Chew said.
The proposed development on the acquired site is envisioned as a new township comprising a mix of residential and commercial properties as well as industrial lots with recreational and other key amenities, aimed at serving the needs of the growing local population and expanding workforce in the area.
Source : Paramount Corporation Berhad
