Paramount (KLSE:PARAMON) unit Tanah Bayumas is acquiring 18,317 square meters of leasehold land and the luxury condominium Brunsfield Residence in Kuala Lumpur, Malaysia.
The acquisition is valued at 145 million ringgit, and the land is being purchased from Prismaworld Embassyview, which is currently under receivership.
Paramount said it intends to redevelop the property into high-end residential units to "replicate the success" of similar projects in the vicinity, such as The Atrium and The Ashwood.
The proposed deal is expected to be completed within 6 months, according to a Thursday filing with Bursa Malaysia.
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