Paramount Property deepens Penang push with 350 affordable homes

KUALA LUMPUR: Paramount Property is expanding its presence in Penang, broadening its development portfolio across residential, commercial and industrial segments while stepping into affordable housing through a new partnership with the state housing authority.

The property development arm of Paramount Corporation Bhd has established a presence in the state through an integrated township in Batu Kawan, a residential township in Bukit Mertajam and a light industrial park in Bukit Minyak.

Its latest initiative involves the proposed redevelopment of a 6.19-hectare site in Ujong Batu, Butterworth, with the first phase comprising 350 affordable homes under the Rumah MutiaraKu (RMKu) scheme.

The project marks another step in the company's efforts to diversify its development offerings in Penang, where demand for housing across different price segments and the need for well-planned communities continue to shape the property market.

Through its subsidiary Paramount Property (Butterworth) Sdn Bhd, it has entered into a development agreement with Lembaga Perumahan Negeri Pulau Pinang (LPNPP) for the proposed redevelopment of the land in Seberang Perai Utara.

The development will be undertaken in phases, with the initial phase focused on providing affordable homes to support the efforts of the Penang state government to widen homeownership opportunities and meet the housing needs of local residents.

The collaboration combines Paramount Property's development expertise with LPNPP's role in implementing the state's housing initiatives. It also extends the developer's geographical reach within Penang, adding Butterworth to its existing presence in the Batu Kawan and Bukit Mertajam areas.

Paramount Corporation group chief executive officer Jeffrey Chew said the collaboration reflected the group's commitment to developing homes and communities that respond to people's evolving needs.

"We believe that property development is ultimately about improving lives and creating better places for people to live.

"We are pleased to have the opportunity to work with LPNPP on this initiative and contribute our development expertise towards the State's housing aspirations," he said.

Among Paramount Property's established developments in Penang is Utropolis Batu Kawan, an integrated development combining residential, commercial, retail and education components.

The company also has Paramount Embun Hills, a residential township in Bukit Mertajam, and Paramount Palmera Industrial Park in Bukit Minyak, reflecting its approach to developing properties for both homebuyers and businesses.

Paramount has also added to its future development pipeline through a proposed mixed development at Bandar Cassia, Batu Kawan, following its agreement to acquire 7.7ha of freehold land from the Penang Development Corporation in 2025. The proposed project has an estimated gross development value of RM744 million and is planned to comprise serviced apartments, semi-detached townhouses and shop offices.

Together, these developments demonstrate the company's broader approach to Penang, combining residential communities, commercial facilities and industrial properties while building a pipeline for future growth.

The proposed Ujong Batu redevelopment adds an affordable housing component to this portfolio, bringing the developer into closer collaboration with the state government to address housing needs.

The project will be carried out in accordance with the relevant planning requirements and subject to the necessary regulatory approvals. Details on the overall development value, subsequent phases and implementation timeline have not been disclosed.