PETALING JAYA (Nov 11): Paramount Property, the property arm of Paramount Corp Bhd (Paramount) has launched the 520-acre Bukit Banyan township — the first hilltop development in Sungai Petani, Kedah.
With a gross development value of RM1 billion, Bukit Banyan will be developed over a period of 15 years, Paramount said in a statement today.
Bukit Banyan will feature a 25-acre forest park with eight themed gardens, a 20-acre water park, a 13-acre commercial centre with three business parks and over 5,000 homes that are mainly priced within the affordable range, said Paramount chairman Dato’ Teo Chiang Quan at the launch event in Sungai Petani yesterday.
The event was officiated by Kedah Menteri Besar Datuk Seri Ahmad Bashah Md Hanipah.
Teo said the landed homes in the township will be divided into eight precincts, where every precinct is gated and guarded with 24-hour security, he added.
“It is a reflection of our promise of being a people’s developer, and testament of our confidence in the future of Sungai Petani and the Northern region,” he said.
Bukit Banyan is the third township development by Paramount Property in Sungai Petani, after Bandar Laguna Merbok and Taman Patani Jaya.
The township is poised to meet the growing demand for high-quality affordable housing in Kedah, given the state government’s initiative to spur rapid economic growth in the Northern state under the 11th Malaysia Plan, noted Teo.
Paramount also has on-going developments in the Klang Valley and will soon launch its first development in Batu Kawan, Penang.
The company began its property development business almost four decades ago with Taman Patani Jaya in Sungai Petani.
Since then, it has developed more than 700 acres of land in the Northern region and in the process built over 6,500 homes in the region.