Paramount buys prime 'Embassy Row' land from Wing Tai units for condo project | The Edge Markets
KUALA LUMPUR (July 17): Paramount Corp Bhd is acquiring 4.54 acres of prime freehold land with buildings at Jalan Ampang Hilir, Kuala Lumpur for RM243.8 million, cash, in the vicinity of the popularly known 'Embassy Row'.
It is acquiring the property, which has a 20-storey building with service suites and 132 units of low-rise condominiums situated on it, from the subsidiaries of Singapore-listed Wing Tai Holdings Ltd.
It plans to redevelop the land – comprising two contiguous plots – into a premium high-rise residential development that comprises about 650 units of condominium, with an estimated gross development value of RM863 million, to be generated over five years.
Friday, 17 July 2020
Paramount buys prime 'Embassy Row' land from Wing Tai units for condo project | The Edge Markets
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