PETALING JAYA: Paramount Corporation Bhd is partnering Japanese property developer Mitsui Fudosan through a joint venture to undertake a RM1.34 billion serviced apartment development along Jalan Ampang, Kuala Lumpur.
The partnership will be implemented through the proposed disposal of a 49% stake in Meridian Kuasa Sdn Bhd (MKSB), a wholly-owned subsidiary of Paramount, to Mitsui Fudosan (Asia) Malaysia Sdn Bhd for RM23.06 million cash.
Upon completion, Paramount will retain a 51% stake in MKSB, while Mitsui Fudosan will hold the remaining 49%.
In a Bursa Malaysia filing today, Paramount said the joint venture will develop a 3.7-acre freehold commercial land off Jalan Ampang into a serviced apartment project known as The Ashbourne, with an estimated gross development value (GDV) of RM1.34 billion.
