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“Paramount acquires a 3.7-acre Jalan Ampang land parcel for RM257.9 million to develop serviced apartments with RM1.1 billion GDV, with launch expected by 2026.”
Kuala Lumpur, 19th March 2026, 10.00am – Paramount Corporation Berhad is acquiring a 3.7-acre freehold commercial land parcel along Jalan Ampang Kuala Lumpur from IOI Properties Group Berhad for RM257.9 million, with plans to develop high-end serviced apartments with an estimated gross development value (GDV) of RM1.1 billion.
The acquisition was undertaken through Paramount’s wholly owned subsidiary, Meridian Kuasa Sdn Bhd. The site, which is currently vacant, is located within the Jalan Ampang–Kuala Lumpur city centre corridor and is surrounded by established residential and commercial developments.
Builds on existing Jalan Ampang presence
Paramount group chief executive officer Jeffrey Chew said the purchase strengthens the developer’s footprint in the area following the successful launches of its earlier projects, The Ashwood Kuala Lumpur and The Atrium Kuala Lumpur, which achieved full take-up.
He said the company intends to leverage its experience in the location and positive market response to deliver another strategically positioned residential development.
IOI Properties to monetise land bank
Meanwhile, Lee Yeow Seng, group chief executive officer of IOI Properties, said the disposal is part of the company’s strategy to focus on its core integrated township developments.
He added that monetising undeveloped land parcels forms part of the group’s broader transformation strategy to optimise its revenue mix while strengthening capital allocation.
Project launch targeted for 2026
Paramount said the proposed development will comprise two blocks of premium serviced apartments and is targeted for launch by the end of 2026, with an estimated six-year development timeline.
The land acquisition will be financed through a mix of internally generated funds and bank borrowings.
At Wednesday’s market close, Paramount shares slipped one sen or 0.98% to RM1.01, giving the group a market capitalisation of about RM629 million.
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