KUALA LUMPUR: Paramount Corp Bhd is buying 13.25 hectares of freehold residential land in Sepang, Selangor for RM102.7mil cash.

       The company has projected gross development value (GDV) of RM319.8mil to be generated from this new development over a period of six years.

       "The proposed acquisition is in line with Paramount's strategy of replenishing its land bank at locations with strong growth potential and to scale up its property development activities to generate long-term sustainable income," it said in a filing with Bursa Malaysia today.

       Paramount said wholly owned Utropolis Sdn Bhd on Wednesday has entered into a deal with Makmur Asiamaju Sdn Bhd to acquire the freehold residential land.

       Makmur Asiamaju is 70% owned by Areca Holdings Sdn Bhd and 30% by Setia Haruman Sdn Bhd.

       The land is located within 1km from Paramount's projects - Sejati Residences and Sejati Lakeside in Cyberjaya.

       "We are building on the strong momentum of Sejati Lakeside as we target to launch its final phase comprising three-storey lakefront semi-detached homes, in the fourth quarter of this year,” Deputy CEO Benjamin Teo said in a statement today.