Majestic Gen Sdn Bhd has acquired three adjoining parcels of freehold land along Jalan Anson here for RM75 million.

The developer acquired the land from Dynamic Gates Sdn Bhd, a special purpose vehicle under Paramount Corporation Bhd’s earlier securitisation exercise.

In a statement today, Majestic Gen said the land, with a combined gross floor area of about 295,508 square feet, is currently occupied by UOW Malaysia KDU Penang University College.

Its chief executive officer, Datuk Hoo Kim See, said the acquisition represents an important step in the group’s strategy to expand within high-growth urban centres across the northern region, adding that Penang continues to show resilience and economic momentum across sectors such as technology, culture, tourism and education.

“We aim to create destinations that communities can trust for many years. Strengthening our presence here aligns with our vision to build developments that carry meaningful value,” he said.

The group said the Jalan Anson purchase marks its next phase of growth, particularly as it plans to expand into high-rise developments on the island.