Paramount unit buys land for mixed project

PARAMOUNT Corp Bhd’s subsidiary Omni Assets Sdn Bhd, is buying a 20ha plot of freehold land in Cyberjaya, Selangor, for RM78.4 million, from Cyberview Sdn Bhd.

Paramount group is proposing to undertake a mixed and exclusive mid-upper to high-class secured and guarded residential landed development and high-rise condominium on the land with a gross development value of about RM530 million.

The proposed development is expected to start in 2011, and span six to eight years.

By Business Times