Mitsui Fudosan to acquire 49% stake in project company, with Paramount retaining 51% and leading project management, sales and marketing.
Petaling Jaya, 4 November 2026 – Paramount Corporation Berhad (Paramount) and Mitsui Fudosan (Asia) Malaysia Sdn Bhd (Mitsui Fudosan), a leading global real estate company headquartered in Tokyo, have formed a strategic joint venture to develop The Ashbourne, a premium residential development with an estimated gross development value (GDV) of approximately RM1.3 billion in Kuala Lumpur’s U-Thant enclave.
Under the joint venture, Mitsui Fudosan will acquire a 49% equity interest in Meridian Kuasa Sdn Bhd (Meridian Kuasa) for a cash consideration of RM23.1 million, currently a wholly owned subsidiary of Paramount, with Paramount retaining the remaining 51%. Meridian Kuasa will serve as the joint venture vehicle to undertake the development of The Ashbourne.
The joint venture was formalised today through the signing of a suite of agreements, under which Paramount will lead the project management and sales and marketing of The Ashbourne, drawing on its established development capabilities and track record in the U-Thant area in Kuala Lumpur.
The Ashbourne will be developed on 3.70 acres of freehold commercial development land off Jalan Ampang, Kuala Lumpur. Comprising two towers of high-end serviced residences, the development is expected to be completed by the fourth quarter of 2030.
Commenting at the signing ceremony, Paramount Corporation Berhad Group Chief Executive Officer, Jeffrey Chew, said, “Our acquisition of this land earlier this year was a deliberate move to strengthen Paramount’s presence in the Kuala Lumpur city centre. The Ashbourne takes that strategy forward, bringing a prime site in a location we know well into our next phase of growth.”
With an estimated GDV of RM1.3 billion, The Ashbourne is a significant addition to Paramount’s development pipeline and reflects its strategy of investing in locations where it sees sustainable demand and has an established track record. The development further builds on Paramount’s presence in the Jalan Ampang– Kuala Lumpur city centre corridor, where its previous developments, The Ashwood and The Atrium, were fully sold.
Chew said, “We are pleased to welcome Mitsui Fudosan as our strategic partner in The Ashbourne. Its 49% investment reflects our shared confidence in the potential of this development and brings together complementary strengths. Beyond the financial investment, the partnership reinforces The Ashbourne’s positioning in the premium residential market and provides opportunities to reach a wider international audience.”
“Mitsui Fudosan brings extensive international real estate experience, global market reach and expertise in high-quality residential developments. Paramount contributes deep local market knowledge, development and execution capabilities, and an established track record in this part of Kuala Lumpur. Together, we aim to create an exceptional residential offering that draws on the best of both organisations, while laying the groundwork for future collaboration,” Chew added.
Masayoshi Saito, Managing Director of Mitsui Fudosan (Asia) Malaysia Sdn Bhd, said, “We are excited to announce our first collaboration with Paramount Corporation Berhad on The Ashbourne, a landmark residential development in one of Kuala Lumpur’s most established and sought-after neighbourhoods. The Ashbourne reflects our confidence in the market and our commitment to long-term investment in the country. By combining Paramount’s proven local expertise with Mitsui Fudosan’s residential development experience in Japan and internationally, we look forward to delivering a distinctive, high-quality living environment that creates long-term value for residents and the surrounding community.”
The Ashbourne
The Ashbourne comprises 458 serviced apartments across two towers, with residences ranging from approximately 1,491 sq ft to 2,661 sq ft. Each residence features a private lift lobby, with the development designed around quiet refinement and effortless urban living.
Located within the U-Thant enclave along Kuala Lumpur’s Embassy Row, The Ashbourne is surrounded by embassies, diplomatic residences and mature neighbourhoods. The location provides access to healthcare, education, retail and lifestyle amenities, including Ombak KLCC, Suria KLCC, KLCC Park, the Kuala Lumpur Convention Centre, Royal Selangor Golf Course, ALTY Orthopaedic Hospital, Prince Court Medical Centre and Gleneagles Hospital Kuala Lumpur. It is also close to the Persiaran KLCC MRT station and the Ampang Park LRT and MRT interchange.
The development offers an extensive range of wellness, social and lifestyle facilities, as well as a dedicated concierge service providing personalised assistance.
A distinctive feature is its Club Lounge Villas, conceived as private spaces for entertaining and social gatherings, with gourmet kitchens whose design has been endorsed in consultation with a two-MICHELINstarred chef. Private storage facilities, dedicated parcel facilities and EV charging stations are also incorporated into the development.
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