(From left) Penang State Housing Board chief business officer Muhaili Mat Saad; Bagan Dalam state assemblyman Kumaran Krishnan; former Penang chief minister and member of Parliament for Bagan Lim Guan Eng; Penang State Housing Board chief executive officer Khairulnizam Hashim; Penang Chief Minister Chow Kon Yeow; Paramount Corp Bhd group CEO Jeffrey Chew; Penang State Executive Councillor for Housing and Environment Datuk Seri Sundarajoo Somu; Bagan Jermal state assemblyman Chee Yeeh Keen and Paramount Corp deputy CEO Beh Chun Chong.

KUALA LUMPUR (Oct 25): Paramount Property, the property development arm of Paramount Corporation Bhd (KL:PARAMON), has signed a development agreement with Penang State Housing Board (Lembaga Perumahan Negeri Pulau Pinang, or LPNPP) for the proposed redevelopment of 15.3 acres of land in Ujong Batu, Butterworth, Penang.

According to a statement released Sunday, the project, located in Seberang Perai Utara, will be developed in phases, with the first phase comprising 350 Rumah MutiaraKu affordable homes to support the Penang state government’s efforts to improve housing accessibility.

The signing ceremony was held at The Light Hotel in Penang, in the presence of Penang Chief Minister Chow Kon Yeow and state Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu.

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

Chew added that the group was pleased to work with LPNPP and contribute its development expertise towards the state’s housing aspirations.

The proposed redevelopment will be carried out in accordance with the relevant planning requirements and regulatory approvals.