KUALA LUMPUR (March 18): Paramount Corporation Bhd has secured a 3.7-acre freehold commercial land parcel along Jalan Ampang from IOI Properties Group Bhd for approximately RM257.9 million. The strategic acquisition reinforces the developer’s expansion within the highly sought-after Kuala Lumpur city centre corridor.

The purchase was executed through Paramount’s wholly owned subsidiary, Meridian Kuasa Sdn Bhd. The vacant site is positioned within a mature mixed-use neighbourhood surrounded by established residential projects and commercial developments, making it suitable for a premium urban residential concept.

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High-End Serviced Apartment Development Planned

Paramount intends to transform the site into two towers of upscale serviced apartments with an estimated gross development value (GDV) of RM1.1 billion. The project is targeted for launch by the end of 2026, with an anticipated completion timeline of around six years.

According to group chief executive officer Jeffrey Chew, the acquisition builds on the company’s existing track record in the immediate vicinity following strong take-up rates for earlier developments such as The Ashwood and The Atrium. Familiarity with the local buyer profile and proven demand dynamics is expected to support the positioning of this new residential offering.

Meanwhile, Lee Yeow Seng, group CEO of IOI Properties, noted that the disposal aligns with the group’s broader strategy of monetising undeveloped assets to optimise capital deployment while prioritising large-scale integrated township developments. 💼

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Prime KL Land Deals Signal Continued Confidence in Urban Real Estate

The transaction highlights sustained investor interest in well-located commercial property in KL, particularly within city centre growth corridors that offer strong connectivity, lifestyle amenities and employment opportunities. Land scarcity in these premium districts continues to support long-term capital appreciation potential.

Beyond residential developments, similar fundamentals are driving demand across other real estate segments. For instance, infrastructure upgrades and urban expansion trends are sustaining enquiries for office space in Bukit Jalil, especially within integrated townships designed to cater to evolving corporate workplace strategies.

At the same time, business decentralisation and supply chain transformation are strengthening interest in industrial land in Selangor, with industrial clusters such as industrial property in the Subang area remaining attractive due to established ecosystems and accessibility to major highways.

Emerging industrial zones are also seeing growing requirements for factory space in Puchong, where connectivity to logistics networks and labour pools supports manufacturing and technology-related occupiers. 🏭🚚

Overall, Paramount’s latest land acquisition underscores how strategic land banking in Kuala Lumpur’s prime corridors can unlock significant development value — while broader market trends continue to create compelling opportunities across Malaysia’s office and industrial property landscape.