Paramount Corp signs six land deals with combined RM4b potential GDV

Paramount Corp Bhd has signed six land sale and purchase agreements with a combined potential gross development value of RM4 billion. Two acquisitions covering 387 acres have been completed, while four others are pending completion.

PETALING JAYA (Sept 8): Paramount Corp Bhd said six land sale and purchase agreements it has signed carry a combined potential gross development value of RM4 billion, as the property developer pursues landbank replenishment while taking a more measured approach to the timing of new launches.

The land-acquisition and development-pipeline details were disclosed in Paramount's 1H2026 investor relations and media presentation dated Tuesday (Sept 8). In the presentation, Paramount said two of the acquisitions, involving 387 acres and RM2 billion in projected GDV, had been completed. The presentation did not identify the two completed acquisitions on the same slide. It did, however, state that Paramount completed the acquisition of new land at Bandar Lunas in Kedah in the first quarter of 2026, where it subsequently launched RM79 million worth of industrial land.

Four other signed acquisitions, covering a combined 74.61 acres, were pending completion as at June 30. They had an aggregate purchase consideration of RM356.3 million and projected GDV of RM1.946 billion. The parcels comprise 4.53 acres in Kuala Lumpur's U-Thant enclave, with a purchase consideration of RM145 million and projected GDV of RM300 million; 18.97 acres in Batu Kawan, Penang, for RM57.8 million and projected GDV of RM744 million; 48.49 acres in Section U9, Shah Alam, for RM113.5 million and projected GDV of RM579 million; and 2.62 acres in Precinct 7, Putrajaya, for RM40 million and projected GDV of RM323 million.

Paramount said the U-Thant site was intended for the redevelopment of an existing property containing 93 low-rise luxury condominium villas, while the Batu Kawan parcel was planned for residential and commercial development adjoining its Utropolis Batu Kawan development. The Section U9 land is intended for residential development along the Guthrie Corridor Expressway and near the Damansara-Shah Alam Elevated Expressway interchange, while the Putrajaya parcel is earmarked for a transit-oriented development near Putrajaya Sentral. The 4.53-acre U-Thant acquisition is separate from the site for The Ashbourne, Paramount's proposed 458-unit serviced apartment development in the same enclave. The Ashbourne sits on 3.76 acres and has a projected GDV of RM1.1 billion.

Also in the Sept 8 presentation, Paramount reported 548.6 acres of gross undeveloped land and RM7 billion in remaining GDV as at June 30, extending through 2035. The figure includes potential GDV from undeveloped land as well as launched but unsold properties, including RM217 million in unsold completed properties at ATWATER and Sekitar26. It excludes Paramount's 49% share of RM32 million in completed-but-unsold GDV at its Thai joint venture, Navarang Charoennakhon Co Ltd.

Separately, in its Aug 26 press release announcing its 1H2026 results, Paramount said it had been pacing launches according to market conditions. Group CEO Jeffrey Chew said the company had taken a more prudent approach to assessing projects against market demand, product positioning and timing. The Sept 8 presentation showed that Paramount launched RM152 million worth of properties in 1H2026, down 56% year on year. These comprised RM79 million of industrial land at Bandar Lunas, RM64 million of terrace homes at Bukit Banyan and RM9 million of terrace homes at Paramount Embun Hills.

For 2H2026, the presentation showed that the group is targeting RM1.6 billion in indicative launch GDV across The Ashbourne in Kuala Lumpur, Sejati By The Lake in Shah Alam, Paramount Embun Hills in Bukit Mertajam and Bukit Banyan in Sungai Petani. Of the targeted amount, RM1.1 billion comprises high-rise residential products and RM500 million landed homes, while RM1.3 billion is in the central region and RM300 million in the northern region. The planned Sejati By The Lake launch is subject to completion of the SPA for the Section U9 land.

According to Paramount's Aug 26 1H2026 results release, property sales stood at RM413 million in the first half, down 21% year on year, with residential properties accounting for 70% of sales, industrial properties 19% and commercial properties 11%. Property segment PBT nevertheless increased 5% to RM69.8 million from RM66.3 million a year earlier, while its PBT margin rose to 17.3% from 15.6%. Paramount attributed the improvement to a higher-margin product mix. Property segment revenue declined 5% to RM403.2 million. The group's unbilled sales stood at RM1.46 billion as at June 30, while completed-property inventories fell 24% year on year to RM146 million.