Paramount, Chinese Conglomerates JV For US$145.3 Mln Development

PUTRAJAYA (Malaysia), Jan 5 (Bernama) -- Malaysian-based Paramount Blossom Sdn Bhd has partnered Fujian Hexinyuantong Investment Co Ltd and China Railway Liuyuan Group Co Ltd to carry out a US$145.34 million (RM650 million) residential development in Rasah, Negeri Sembilan. (US$1 = RM4.47) Paramount Blossom Special Project Director Jaafar Abu Hassan said the project, claimed to be the biggest residential development in Seremban 2, would be sprawled over 31.16 hectares. "The project is estimated to have a gross development value (GDV) of about RM650 million and would consists of 835 terrace houses, semi-detached and duplex townhouses," he told reporters after a partnership development signing ceremony between the two Chinese conglomerates and Paramount Blossom witnessed by Deputy Finance Minister Lee Chee Leong. Paramount Blossom is the owner of the land while Fujian Hexinyuantong will finance the project while China Railway Liuyuan Co Ltd will develop the project. He said the first phase of the project, to be launched in May, was slated to be completed within 24 months. -- BERNAMA