Paramount Corporation Bhd is building high-rise affordable homes in Selangor and has awarded two jobs worth a combined RM385 million to Gagasan Nadi Cergas Bhd (GNCB) for the developments.
In a statement issued by GNCB, the company said that its subsidiary Nadi Cergas Sdn Bhd had entered into separate deals with Paramount Property Development Sdn Bhd and Paramount Property (Sepang) Sdn Bhd to construct the affordable homes in Kemuning Utama, Shah Alam, and Greenwoods Salak Perdana, Sepang.
Nadi Cergas had accepted letters of intent (LoI) for turnkey contracts from the two subsidiaries and they are expected to be formalised into contracts by the third quarter of this year.
GNCB said the physical construction works were scheduled to begin in the second quarter of 2022 for 1,076 affordable homes in Greenwoods Salak Perdana.
For Kemuning Utama, construction work will start in the fourth quarter of next year to build up to 929 units.
Greenwoods was part of abandoned housing development, totaling more than 300 acres, which commenced in the 1990s.
It was reported that a private developer took over the site about a decade ago and delivered several hundred units over 60 acres.
Paramount then came in and bought over the remaining 237 acres of undeveloped land in 2014 for a total of RM227.38 million, or RM22 per square ft.
Greenwoods has an estimated total gross development value (GDV) of RM1.1 billion and will be developed over eight to 10 years.
Upon its full completion, the township will have 2,500 properties comprising two-storey linked homes, two-storey terraced houses, strata homes, townhouses, shop apartments, commercial shops, schools, and affordable housing.