Latest news with #PenangDevelopmentCorp
The Star
31-07-2025
- Business
- The Star
Paramount buys Penang land for RM57.8mil, plans RM744mil GDV project
Paramount Corp Bhd group chief executive officer Jeffrey Chew. PETALING JAYA: Paramount Corp Bhd is acquiring an 18.97-acre piece of freehold land in Bandar Cassia, Penang, from Penang Development Corp for RM57.841mil. In a statement, the company said the acquisition marks a key addition to its landbank to drive sustainable growth in the northern region. The company said the acquisition is expected to generate a gross development value (GDV) of RM744mil, adding on to its remaining landbank of 358.9 acres and remaining GDV of RM5.497mil. 'The proposed acquisition will be funded through a combination of internally generated funds and bank borrowings,' it said. The newly acquired land is situated in the city center of Bandar Cassia in Penang, within 600-meter radius of Utropolis Batu Kawan development, Paramount Property's award-winning development. Paramount Group chief executive officer Jeffrey Chew said the landbank replenishment is testament to its confidence in the long-term potential of this high-growth region and is expected to contribute positively to the company's long-term revenue. The proposed development comprises serviced apartments, semi-detached townhouses and shop offices. Construction is slated to commence in 2027 with completion by 2033. Once fully completed, the development will provide housing options as well as create a vibrant commercial environment that enhances liveability and economic growth in the state.
The Star
23-07-2025
- Business
- The Star
TT Vision signs RM25mil lease deal with PDC
PETALING JAYA: TT Vision Holdings Bhd has signed a conditional lease agreement with the Penang Development Corp (PDC) to lease Plot 81A at the Bayan Lepas Industrial Park over a term of 60 years for RM25.09mil. In a filing with Bursa Malaysia, the factory equipment supplier said the land measures 14,569 sq m. 'The proposed lease will allow for the construction of a new manufacturing facility mainly for the production of manufacturing equipment for semiconductor, solar and battery that will contribute a new revenue stream for the group. 'The setting up of the manufacturing facility will also contribute towards the improvements in the socio-economic environment by creating job opportunities for the employment market in Penang.'
New Straits Times
23-07-2025
- Business
- New Straits Times
TT Visions seals RM25.1mil deal to lease Bayan Lepas land
KUALA LUMPUR: TT Vision Holdings Bhd has signed a RM25.1 million lease agreement with Penang Development Corp for an industrial land in Bayan Lepas. TT Vision secured the 60-year lease for 156,800 square feet of industrial land located near its existing manufacturing facility at Bayan Lepas Industrial Park. This offers a strategic location to support the development of its new facility focused on the production of equipment for the semiconductor, solar and battery industries. Its position within Penang's established industrial ecosystem offers advantages such as infrastructure accessibility, proximity to key customers and supply chain partners and access to skilled talent. TT Vision chief executive officer and executive director Goon Koon Yin said the execution of this long-term lease represents a key milestone in the expansion of its production capacity and strengthen long-term competitiveness. "As Bayan Lepas Industrial Park is well established and in close proximity to our existing manufacturing operations, the site offers significant advantages including improved operational efficiency, enhanced supply chain connectivity and access to a highly skilled talent pool," he said in a statement. Goon said the company progressively scaled up production floor area since its listing on Bursa Malaysia from 53,000 square feet to 107,000 square feet as of 2025. The new lease adds another 156,800 square feet of land, boosting total production capacity several times larger. "The development of a purpose-built facility on this newly secured site will enable the company to further enhance manufacturing capabilities and better support the semiconductor, solar and battery industries. "This strategic expansion is expected to unlock a new avenue for growth and will reinforce our commitment towards sustainable growth and long-term value creation for our stakeholders," he added.
