PETALING JAYA: Majestic Gen has reinforced its position in the northern region with the acquisition of a prime freehold site along Jalan Anson in the heart of George Town. Purchased for RM75mil through Dynamic Gates Sdn Bhd (DGSB), a special purpose vehicle under Paramount Corporation Bhd’s earlier securitisation exercise, the acquisition marks a significant move for the group as it advances its presence in one of Penang’s most established cultural and educational districts.
The site comprises three adjoining parcels of freehold land with a combined gross floor area of approximately 295,508 sq ft. It is currently under occupancy by UOW Malaysia KDU Penang University College.
The acquisition marks a decisive move in Majestic Gen’s strategy to expand its presence in high-growth urban centres across the northern region. Penang continues to experience strong economic momentum, supported by its global reputation in technology, culture, tourism and education.
“This acquisition represents an important step in our expansion in the Northern Region. Penang remains a resilient and forward-moving market and strengthening our presence here aligns with our vision to build developments that carry meaningful value. We aim to create destinations that communities can trust for many years,” commented Majestic Gen chief executive officer Datuk Hoo Kim See.
“The Jalan Anson site offers a valuable foundation for our next phase of growth in Penang. Its location and surroundings carry strong potential. This acquisition allows us to plan with foresight while honouring the character of George Town. Our intention is to create a development that reflects the standards and values Majestic Gen upholds and one that will stand the test of time,” added Majestic Gen executive director Ta Wee Dher.
At the signing ceremony were Paramount Corporation Bhd group chief executive officer Jeffrey Chew, Paramount Property Development Sdn Bhd finance general manager Tham Jiun Huey, Dynamic Gates secretary Samantha Tai and Majestic Gen director Kee Ju-Hun.
This acquisition follows the successful launch of Majestic Aman in July 2025, a thoughtfully envisioned freehold residential and commercial development in Taman Sungai Dua Utama.
Majestic Aman features 73 double-storey terrace homes and 23 two-storey shop offices, designed to support the needs of growing families and local businesses within a connected and community-focused environment.
Stay ahead of the crowd and enjoy fresh insights on real estate, property development and lifestyle trends when you subscribe to our newsletter and follow us on social media.
