KUALA LUMPUR: Paramount Corporation Bhd (Paramount) has partnered with Tokyo-based global developer Mitsui Fudosan (Asia) Malaysia Sdn Bhd (Mitsui Fudosan) in a joint venture to develop The Ashbourne, a high-end residential project in Kuala Lumpur’s prestigious U-Thant enclave with an estimated gross development value (GDV) of RM1.3bil.

Under the signed agreements, Mitsui Fudosan will acquire a 49% equity stake in Paramount’s subsidiary, Meridian Kuasa Sdn Bhd, for RM23.1mil in cash. Paramount will retain the remaining 51% majority stake. Meridian Kuasa will act as the dedicated joint venture vehicle for the development, with Paramount heading project management, sales and marketing. 

The Ashbourne will be developed on 3.70 acres of freehold commercial development land off Jalan Ampang, Kuala Lumpur. Comprising two towers of high-end serviced residences, the development is expected to be completed by the fourth quarter of 2030.

Commenting at the signing ceremony, Paramount group chief executive officer Jeffrey Chew said, “Our acquisition of this land earlier this year was a deliberate move to strengthen Paramount’s presence in the Kuala Lumpur city centre. 

Chew said, “We are pleased to welcome Mitsui Fudosan as our strategic partner in The Ashbourne. Its 49% investment reflects our shared confidence in the potential of this development and brings together complementary strengths. Beyond the financial investment, the partnership reinforces The Ashbourne’s positioning in the premium residential market and provides opportunities to reach a wider international audience.”

“Mitsui Fudosan brings extensive international real estate experience, global market reach and expertise in high-quality residential developments. Paramount contributes deep local market knowledge, development and execution capabilities and an established track record in this part of Kuala Lumpur. Together, we aim to create an exceptional residential offering that draws on the best of both organisations while laying the groundwork for future collaboration,” Chew added.

Mitsui Fudosan managing director Masayoshi Saito said: “We are excited to announce our first collaboration with Paramount on The Ashbourne, a landmark residential development in one of Kuala Lumpur’s most established and sought-after neighbourhoods. 

The Ashbourne reflects our confidence in the market and our commitment to long-term investment in the country. By combining Paramount’s proven local expertise with Mitsui Fudosan’s residential development experience in Japan and internationally, we look forward to delivering a distinctive, high-quality living environment that creates long-term value for residents and the surrounding community.”

Also present were Paramount deputy group chief executive officer Beh Chun Chong, deputy chairman and executive director Benjamin Teo, Mitsui Fudosan deputy general manager Khoo Kok Chen and Keiko Imaeda.