Paramount Property, Penang Housing Board sign deal for Ujong Batu redevelopment

Paramount Property, via its subsidiary, has inked a development agreement with the Penang Housing Board for the phased redevelopment of a 15.3-acre site in Ujong Batu, Butterworth. The first phase will deliver 350 Rumah MutiaraKu affordable homes, supporting the state government's housing accessibil

PETALING JAYA (Oct 26): Paramount Property, through its subsidiary Paramount Property (Butterworth) Sdn Bhd, has entered into a development agreement with the Penang Housing Board (LPNPP) for the proposed redevelopment of land in Ujong Batu, Butterworth, Penang.

The agreement covers approximately 15.3 acres of land in Seberang Perai Utara, with the proposed development to be undertaken in phases, according to a media release. The first phase will comprise 350 units of Rumah MutiaraKu affordable homes, in support of the Penang government’s efforts to improve housing accessibility.

The signing ceremony was held at The Light Hotel, Penang, in the presence of Chow Kon Yeow, Penang Chief Minister, and Datuk Seri Sundarajoo A/L Somu, Penang state executive councillor for Housing and Environment.

Paramount Corporation Bhd group CEO Jeffrey Chew said the collaboration reflects the Group’s commitment to developing homes and communities that meet evolving needs. The proposed redevelopment will be undertaken in accordance with relevant planning requirements and regulatory approvals.