“Paramount Corp acquires 295.55 acres in Kulim for RM128.74m to develop a RM946m township, boosting total GDV to RM5.49b and tapping Kulim Hi-Tech Park’s growth potential.”
Kuala Lumpur, 11th August 2025, 11.39am – Paramount Corp Bhd has announced the acquisition of four freehold land parcels in Bandar Lunas, Kulim, Kedah, totalling 295.55 acres, for RM128.74 million. The property developer plans to transform the site into a new township with an estimated gross development value (GDV) of RM946 million.
In a Bursa Malaysia filing on Friday, Paramount said the purchase will be carried out via its wholly owned subsidiary, Paramount Property (Seaview) Sdn Bhd, which signed a sale and purchase agreement with Golden Bluechip Sdn Bhd.
Strategic Location Near Kulim Hi-Tech Park
Located about 4km north of Phase 4A of the Kulim Hi-Tech Park (KHTP), the land positions Paramount to capitalise on KHTP’s expansion plans and Kulim’s rising population. The upcoming township will include residential, commercial, and industrial components, along with essential amenities.
The new project will raise Paramount’s total GDV to RM5.49 billion. Development costs will be confirmed after the detailed planning phase and funded through a mix of internal funds and bank borrowings, depending on the company’s debt profile, interest rates, and cash flow requirements.
“With Kulim’s prominence, infrastructure connectivity, and strong investment inflows, this acquisition supports our strategy to replenish land banks in prime growth locations,” said Paramount Group CEO Jeffrey Chew.
Development Timeline and Completion
The acquisition is expected to be completed within 12 months. Construction is slated to begin within a year thereafter and will take around seven years to finish.
Active Expansion Strategy
This deal follows Paramount’s recent acquisitions, including:
- A 28% stake in SGX-listed Envictus International Holdings Ltd — operator of Texas Chicken and San Francisco Coffee in Malaysia — for S$38.33 million (RM126.32 million) from JAG Capital Holdings Sdn Bhd, controlled by Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani.
- A freehold plot in Bandar Cassia, Penang, for RM57.84 million, to be developed into a mixed-use project with a GDV of RM744 million.
Shares of Paramount closed unchanged at RM1.08 on Friday, valuing the company at RM672.6 million.
