Paramount Corp Bhd is set to strengthen its presence in Penang with the acquisition of an 18.97-acre freehold parcel in Bandar Cassia from Penang Development Corporation for RM57.841 million. Located near its existing Utropolis Batu Kawan development, the site is poised for a mixed-use project comprising serviced apartments, semi-detached townhouses, and shop offices.

The planned development, expected to begin construction in 2027 and complete by 2033, carries an estimated gross development value (GDV) of RM744 million. This move expands Paramount’s total landbank to 358.9 acres and lifts its remaining GDV to RM5.5 billion.

According to group CEO Jeffrey Chew, the acquisition reaffirms the company’s confidence in the long-term prospects of Penang’s high-growth corridor. Paramount will fund the purchase through a mix of internal funds and bank financing.

The project is anticipated to enhance liveability and stimulate commercial vibrancy, further cementing Paramount’s role in shaping the northern property landscape.