KUALA LUMPUR: Paramount Corp Bhd said  it will establish a joint venture with  Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM) via the disposal of 122,500 shares or 49% equity in its wholly-owned subsidiary Meridian Kuasa Sdn Bhd (MKSB) to the latter company.

In a filing with the stock exchange, Paramount said following the RM23.06mil cash sale, it would be left with 51% of the equity in MKSB.

The proposed joint venture between Paramount and MFAM will facilitate the development of 14,974sqm of freehold commercial land owned by MKSB off Jalan Ampang in Kuala Lumpur.

Called The Ashbourne, the proposed  development will entail about 468 units of serviced apartments over two residential towers, a podium, car park, facility floors and ancillary components. 

The proposed project, which has an estimated gross development value of RM1.34bil, will commence in the fourth quarter of 2026 and be completed in the fourth quarter of 2030.

MKSB will undertake the development of the proposed project, while another Paramount unit, Paramount Property Development Sdn Bhd, will assume primary responsibility for the project management and sales and marketing.

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