Paramount Property Inks 350-Home Ujong Batu Deal in Penang

Quick Answer: Paramount Property, the property development arm of Paramount Corporation Bhd (KL:PARAMON), signed a development agreement with Penang State Housing Board (LPNPP) for the redevelopment of 15.3 acres in Ujong Batu, Butterworth. The first phase will deliver 350 Rumah MutiaraKu affordable homes. For PARAMON shareholders, it is a new phased project to track, though the announcement does not disclose its value.

What Did Paramount Property Sign in Ujong Batu?

Paramount Property, Penang Housing Board sign agreement for Ujong Batu redevelopment — Paramount Property and Penang State Housing Board at the Ujong Batu signing in Penang

**Paramount Property**, the property development arm of **Paramount Corporation Bhd** (**KL:PARAMON**), has signed a development agreement with **Penang State Housing Board** (Lembaga Perumahan Negeri Pulau Pinang, or LPNPP). The signing ceremony was held at The Light Hotel in Penang.

Paramount Property Inks 350-Home Ujong Batu Deal in Penang — Photo: TheEdge

Where Is the Ujong Batu Redevelopment Site?

The **Ujong Batu redevelopment** covers 15.3 acres in Butterworth, Penang. The site sits in Seberang Perai Utara.

– **Land size:** 15.3 acres
– **Location:** Ujong Batu, Butterworth, Seberang Perai Utara
– **Delivery:** Phased development

How Many Homes Are in Phase One?

The first phase comprises 350 Rumah MutiaraKu affordable homes. The project supports the Penang state government’s efforts to improve housing accessibility.

Who Attended the Penang Signing?

Penang Chief Minister Chow Kon Yeow attended the ceremony. State Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu was also present.

**Paramount Corporation group chief executive officer Jeffrey Chew** said the collaboration reflects the group’s commitment to developing homes and communities that meet evolving needs. He added that the group will contribute its development expertise to the state’s housing aspirations.

What Does the Ujong Batu Deal Mean for PARAMON Shareholders?

The announcement gives no deal value, so its earnings impact cannot be sized from the statement. The redevelopment will proceed under the relevant planning requirements and regulatory approvals, which means timelines depend on those approvals.

For shareholders, the key items to track are the phase-by-phase rollout, the approval milestones and any financial terms disclosed in future Bursa Malaysia filings. Investors may want to watch how the 350-unit first phase translates into revenue once construction begins.

Key Takeaways

– **Paramount Property** signed a development agreement with **Penang State Housing Board** for a 15.3-acre site in Ujong Batu, Butterworth.
– The first phase will deliver 350 Rumah MutiaraKu affordable homes.
– The project is phased and subject to planning requirements and regulatory approvals.
– The deal value is not disclosed in the announcement.
– Track future Bursa filings for financial terms and approval milestones.

Frequently Asked Questions

What did Paramount Property sign with Penang State Housing Board?

Paramount Property signed a development agreement with Penang State Housing Board (LPNPP) for the redevelopment of 15.3 acres in Ujong Batu, Butterworth. The agreement was signed at The Light Hotel in Penang.

How many affordable homes will the Ujong Batu project have in its first phase?

The first phase of the Ujong Batu redevelopment will comprise 350 Rumah MutiaraKu affordable homes. The project is being developed in phases.

Where is the Paramount Property Ujong Batu site located?

The 15.3-acre site is in Ujong Batu, Butterworth, within Seberang Perai Utara in Penang. The redevelopment supports the Penang state government’s housing accessibility efforts.

What is Paramount Corporation’s stock code on Bursa Malaysia?

Paramount Corporation Bhd is listed on Bursa Malaysia under the code KL:PARAMON. Its property development arm, Paramount Property, carried out this agreement.

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