The acquisition further strengthens Paramount’s presence in Kuala Lumpur city centre, where it has previously launched successful residential projects, namely The Ashwood and The Atrium.
Petaling Jaya, 18 March 2026 – Paramount Corporation Berhad (Paramount) is acquiring a 3.7-acre freehold commercial land parcel off Jalan Ampang, Kuala Lumpur, for RM257.9 million, reinforcing its strategy of securing well-located urban sites with strong development potential and where it has established a positive reputational track record.
The acquisition was undertaken through Meridian Kuasa Sdn. Bhd., a wholly owned subsidiary of Paramount, which today entered into a sale and purchase agreement with IOI Properties Berhad for the purchase of the land. The transaction will be funded via a combination of internally generated funds and bank borrowings.
The site is currently a parcel of vacant land surrounded by established residential and commercial developments within the Jalan Ampang-Kuala Lumpur city centre corridor.
Located off Jalan Ampang within Kuala Lumpur’s prestigious U-Thant enclave, the site enjoys proximity to a wide range of lifestyle, healthcare and education amenities. These include Suria KLCC, KLCC Park, the Kuala Lumpur Convention Centre and the Royal Selangor Golf Club, as well as leading medical institutions such as Prince Court Medical Centre, Gleneagles Hospital Kuala Lumpur and Beverley Wilshire Medical Centre. Nearby international schools include Sayfol International School and the International School of Kuala Lumpur.
The U-Thant enclave, home to numerous embassies, is widely regarded as one of Kuala Lumpur’s most established international residential addresses. The site is also located close to Persiaran KLCC MRT station, as well as the Ampang Park LRT and MRT stations, placing it within walking distance of one of the city’s key rail interchanges.
The area’s established amenities and international profile are expected to attract both domestic and foreign buyers.
Paramount intends to develop the land into two blocks of high-end serviced apartments, leveraging a development order that has already been obtained by the vendor. This provides Paramount with a significant speed-to-market advantage, allowing development planning to progress efficiently with a targeted launch by end-2026 and estimated completion period of six years from launch.
The proposed development is estimated to have a gross development value (GDV) of approximately RM1.1 billion.
Paramount Group Chief Executive Officer (CEO), Jeffrey Chew, said, “This acquisition builds on Paramount’s established presence in the Jalan Ampang area, where we previously launched The Ashwood and The Atrium, both fully sold. The proximity allows us to leverage our familiarity with the location and the strong market reception of our earlier developments to deliver another well-positioned residential offering.”
“The disposal of the land is in line with IOI Properties Group’s strategy to further focus on developing its integrated townships and developments as it continues to synergise its three core business segments, by increasing the value added components to support its growing communities, particularly in the Klang Valley region. Monetisation of undeveloped land is part of the Group’s overall strategic transformation plan to balance the revenue portfolio, and the proceeds will enhance the Group’s capital deployment,” Dato’ Lee Yeow Seng, Group Chief Executive Officer of IOI Properties Group Berhad said.
Source: Paramount Corporation Berhad
