Paramount Shows Improved Financial Performance,
Declares 2.5 sen Interim Dividend

Petaling Jaya, 26 August 2022:  Paramount Corporation Berhad (Paramount) reported a 2Q2022 revenue of RM202.4 million (2Q2021: RM127.4 million) and a profit before tax (PBT) of RM15.6 million (2Q2021: RM10.2 million), which are 59% and 53% higher respectively, compared to the same period last year. Hence, the profit attributable to ordinary equity holders of the company was also higher at RM9.1 million (2Q2021: RM1.6 million).

As for its six months results, the Group’s revenue rose by 33% to RM370.5 million (6M2021: RM279.3 million) while PBT went up by 44% to RM30.2 million (6M2021: RM21.0 million) Profit attributable to ordinary equity holders of the Company for 6M2021 rose by 260% to RM14.1 million (6M2021: RM3.9 million).

With that, the Board of Directors declared a single tier interim dividend of 2.50 sen per share (2021: Nil) for the financial year ending 31 December 2022, which will be paid on 22 September 2022 to shareholders whose names appear on the Record of Depositors on 12 September 2022.

Paramount Group CEO Jeffrey Chew said, “I am pleased that the Group has delivered overall improvement in revenue and earnings for the first half of the year. This was despite challenges including the escalation of prices on building materials and shortage of construction workers, which are expected to ease when supplies normalise in the near term.”

Property division

For 2Q2022, the property division recorded a revenue of RM197.0 million, which was 57% higher than that of the corresponding quarter last year at RM125.3 million. This was on the back of a larger base of ongoing development despite work progress being disrupted due to a shortage of construction workers. The top three revenue contributors were Utropolis Batu Kawan in Penang, Sejati Lakeside in Cyberjaya, Selangor and Bukit Banyan in Sungai Petani, Kedah.

Despite the higher revenue, the property division posted a marginally lower PBT of RM18.7 million compared to RM20.6 million in 2Q2021, mainly because cost savings realised from certain completed projects were included in last year’s PBT.

For 6M2022, the property division recorded a revenue of RM361.0 million, which was a 31% increase compared to the previous period (6M2021: RM274.8 million) and a PBT of RM39.4 million, a 10% improvement from the previous period. (6M2021: RM35.7 million)

Despite fewer property launches, 6M2022 sales was 38% higher at RM425 million (6M2021: RM309 million) supported by a 113% surge in 2Q2022 sales after the full reopening of the economy and also due to the low base last year.

As at 30 June 2022, the division has unbilled sales of RM1.2 billion.

Coworking division

The coworking division recorded improved financial results with higher revenue and lower loss before tax in the first six months of 2022 compared to a year ago.  This was on the back of higher occupancy rates across all five Co-labs Coworking outlets.


Chew said the Group was optimistic that its financial performance for the second half of this year will surpass that of the first half.

“With the encouraging sales momentum achieved in 2Q2022, the Group looks forward to launching five projects (including new phases of existing projects) with a total estimated gross development value of RM1.1 billion in the second half of this year,” he said.

He said new projects lined up include Arinna, Kemuning Utama in Shah Alam (low-density high rise residential development with smart home features), The Atera in Petaling Jaya (transit-oriented mixed development situated next to the Asia Jaya Light Rail Transit Station) and Sejati Lakeside 2 in Cyberjaya (non-strata landed homes by a 45-acre lake).

He also said the Group’s coworking and workspace solutions businesses are also well positioned to capitalise on the opportunities arising from the spur of economic activities and the adoption of hybrid office set up.

“The Group will continue to maintain strong financial resilience and optimise its operations for better efficiencies. This includes increasing the use of industrialised building systems (IBS) to reduce reliance on labour over the longer term,” he said.

He said the Group will continue to explore opportunities to unlock the value of its real estate assets and investments to enhance return on capital employed while creating long-term shareholder value.


Paramount Property Bagged Three Awards at the StarProperty Awards 2022

Paramount Property bagged three awards at the StarProperty Awards 2022 Gala Dinner held at Shangri-la Hotel, Kuala Lumpur on 24 August 2022.  This is the seventh  consecutive year that StarProperty has been honouring outstanding property developers who have contributed to the success of the real estate industry.  Since then, Paramount Property has been a recipient of these awards every year.

This year, Paramount’s winning projects are:

  • Sinaran Residences at Utropolis Batu Kawan, Penang which won Excellence in the ‘Family friendly’ award category for Highrise
  • The Atrium at Kuala Lumpur which garnered an Honour in the ‘Close to Home’ award category

Paramount was also accorded the All Stars Award, which acknowledges performing property developers.

According to Paramount Property CEO, Chee Siew Pin winning top awards confirms that Paramount Property is moving in the right direction and solidifies our reputation as a trustworthy brand that delivers.

“This has given us a much-needed boost and encouragement to continue doing what we do as The People’s Developer. As we strive to create spaces which make lives better for all, I would like to acknowledge the Paramount Property team whose hard work and commitment has been crucial in making this happen,” said Chee.


Cash Reward for Introducing Buyer Test

As a member of Paramount Property Circle, earn cash when you introduce our properties to your family and friends!*

Klang Valley

The Atrium

Serviced Apartment – RM4,000 each

Sejati Lakeside, Cyberjaya

2-Storey Terrace Homes

‧ 1% incentive on net selling price

2-Storey Superlink Homes

‧ 1% incentive on net selling price

Sejati Lakeside, Cyberjaya

2-Storey Semi-Detached Homes

‧ 1% incentive on net selling price

2.5-Storey Semi-Detached Homes

‧ 1% incentive on net selling price

ATWATER, Petaling Jaya

Serviced Apartment

‧ 1% incentive on net selling price

Berkeley Uptown, Klang

Uptown Residences

‧ Serviced Apartment: RM3,000 each
‧ Affordable Homes: RM500 each

Greenwoods Salak Perdana, Sepang

Greenwoods Belian

‧ Double-Storey Shop Office – RM 2,000 each

Greenwoods Keranji 2

‧ Double-Storey Terrace House – RM 2,000 each

Greenwoods Cendana

‧ Double-Storey Terrace House – RM 2,000 each

Sekitar26 Enterprise, Shah Alam

2-Storey Shop Offices

‧ 1% Incentive on net selling price

Affordable Shops

‧ RM1.000 each

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Bukit Banyan, Sungai Petani

Phase 9

‧ Amaryn 3 (2-Storey Terrace Homes) – RM 3,000 each

Phase 10

‧ BBBC (2-Storey Shop Office) – RM5,000 each

Laguna Merbok Business Park, Sungai Petani

Phase 13

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Phase 14

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Bukit Banyan, Sungai Petani

Phase 7

‧ Sierra Elite 2A (2-Storey Bungalow) – RM10,000 each

Phase 8A

‧ Senni 3 (2-Storey Superlink) – RM3,000 each

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Utropolis Batu Kawan, Penang

Phase 1A

‧ Sensasi Commercial Suites - RM 4,000 each

Phase 2

‧ Suasana (Serviced Apartment) - RM 3,000 each

Phase 3

‧ Sinaran Residences (Serviced Apartment) - RM 2,000 each


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Paramount Maintains Positive Outlook from Improved Performance

PARAMOUNT Corporation Berhad (Paramount) posted RM5.024 million net profit for the quarter of the year from RM2.297 million a year ago.

Its revenue increased to RM168.1 million as compared to RM151.8 million posted in 1Q21.

Its property division for 1Q22 revenue was RM163.9 million, a 10% increase compared to that of the same period last year of RM149.6 million, which was driven by ongoing development projects such as ATWATER in Petaling Jaya, Sejati Lakeside in Cyberjaya, and Bukit Banyan in Sungai Petani.

On the back of the higher revenue coupled with the realisation of cost savings from certain completed and near-completion projects, the coworking division recorded a lower loss before tax (LBT) of RM0.3 million compared to a LBT of RM1.1 million in 1Q2021.

Paramount Group CEO Jeffrey Chew said, “The group has delivered an overall improvement in revenue and earnings as the country moves into endemicity.”

“The improved financial performance in 1Q2022 compared to the same period last year was mainly due to a higher profit contribution from the property division with fewer operational disruptions this quarter compared with the corresponding period last year.”

Six projects (including new phases of existing projects) are targeted for launch throughout the year with an estimated gross development value of RM1.3 billion.

Among the new projects lined up are the Arinna Kemuning Utama smart homes in Shah Alam; The Atera, a transit-oriented development project in Petaling Jaya situated next to the Asia Jaya Light Rail Transit Station; and Sejati Lakeside 2 landed homes in Cyberjaya.

“Despite the recent OPR hike of 25 basis points, the prevailing low-interest environment remains conducive for property demand. Malaysians with financial means will still look to property as a hedge against inflation.”

“With rising prices of properties, especially in established urban areas where land is getting scarce, coupled with the increase in building material costs, there are opportunities for capital gains in the long term,” said Chew.

“That said, we are mindful that the recovery of the property sector could be dampened by uncertainties related to the COVID-19 virus, any aggressive interest rate hike, the rising cost of living and lower spending power,” he concluded.


Paramount Property Bucks the Trend with Jalan Ampang Project

Going against the grain can be challenging, especially in today’s market conditions, but Paramount Property Development Sdn Bhd is not afraid to do the unconventional. Instead of demolishing the 20-storey Ambassador Row Hotel Suites by Lanson Place in Jalan Ampang, it decided to keep the structure and renamed it The Atrium.

“We repurposed and rejuvenated the building. We are keeping the structure but we tore down all the mechanical and electrical systems and piping, replacing them with new ones. We are even changing the lift system and the facade. In many European countries, it is common to rejuvenate a building and change the facade,” CEO (property division) Chee Siew Pin tells City & Country.

“As we are not tearing down the whole building, there is not much hacking and pollution involved, and there is less wastage, which helps reduce the carbon footprint as well. We also kept the sky terraces [on the 6th and 13th floors] where many others may have chosen to cover them up and put in more units. It is Paramount Property’s take on sustainable development — repurpose and rejuvenate to meet modern sensibilities, accentuated by a new, artistic form,” he says.

Chee, a trained engineer, recently took the helm at Paramount Property, which has been developing projects since 2005, and is no stranger to property development. Prior to joining the company, he spent more than 11 years at Pantai Bayu Indah Sdn Bhd, a member of ParkCity Group in Miri, Sarawak. Before that, he worked with Impiana Group. His career has allowed him to gain experience in both the property development and hospitality industries.

“Because of my background in the hospitality industry, I always talk about branding… I look after master plans, and my portfolio is also in shopping malls, residential properties, hotels and offices. I like to do placemaking, bring the crowd in, carve out [the development] to serve the community and elevate the lives of the people,” he says.

“I am a people person. I go to the ground, listen to the staff and digest what they say. This is my management style. Also, as a manager, you cannot be too busy or you will not be able to empower the [heads of department] and groom the next generation. We must pass down our knowledge and skill so that they can continue to learn, and it is about sustainability.”

Development given a facelift

In rejuvenating The Atrium, which has a gross development value (GDV) of RM212 million, Paramount Property recycled the building materials as well as furnishings and fittings — some were donated to charitable homes and flood victims, and some were sold to budget hotels.

Furthermore, it allocated 30% to 35% of space to landscaping.

The Atrium offers 241 serviced apartments on a 0.95-acre plot. It was launched last November, and more than 80% of the units have been sold. Completion is 24 months from the signing of the sale and purchase agreement.

The Atrium checks all the right boxes, with its prime location and views of the city skyline as well as its modern design, curated communal facilities and ample greenscapes.— Chee

“The Atrium checks all the right boxes, with its prime location and views of the city skyline as well as its modern design, curated communal facilities and ample greenscapes. It is also competitively priced from RM1,010 psf, and our strategy has always been to launch good products at the right price points. The encouraging response to The Atrium has affirmed that this strategy works,” Chee says.

The serviced apartments — measuring 566 to 1,227 sq ft — offer 12 layouts with configurations of 1 bedroom + 1 study + 1 bathroom; 2 bedrooms +1 study + 2 bathrooms; as well as 2 bedrooms + 2 bathrooms. The units are furnished with electrical appliances and digital locksets. Each unit will have one parking bay but some of the larger units will have two.

Facilities will include a barbecue area, children’s playground, Jacuzzi, sky terrace, reading nook, yoga lounge, chill-out lounge and wading pool and an infinity pool. The indicative maintenance fee inclusive of the sinking fund is 50 sen psf.

“Our buyer profile is a roughly 65:35 mix of owners and investors. The majority — about 73% — are aged 25 to 45, and this matches our original target. About 3.5% are foreigners, whose children attend the international schools nearby,” Chee says.

The building’s core feature is an atrium, which Chee says allows more natural light and ventilation into the building.

The developer was allowed to build more floors but decided against it. “The company’s vision is to change lives and enrich the community for a better world. The original plan was to build 30 storeys, so the foundation was built for that. Even DBKL (Kuala Lumpur City Hall) allowed us to increase the density by 30% but, we thought it would be good to keep the building itself [at 20 storeys]. We added only one level on the rooftop, where the facilities will be,” says Chee.

The Atrium has easy access to major highways such as the Ampang-Kuala Lumpur Elevated Highway, Maju Expressway, Middle Ring Road II and Duta-Ulu Kelang Expressway. It is also near the Ampang Park, Dato Keramat and Jelatek LRT stations.

Nearby are medical centres such as Gleneagles Kuala Lumpur, HSC Medical Centre, KPJ Ampang Puteri Specialist Hospital and Prince Court Medical Centre.

The Atrium is part of a 4.54-acre parcel that Paramount Corp Bhd purchased in 2020 from the subsidiaries of Singapore-listed Wing Tai Holdings Ltd. An existing 132-unit low-rise condominium, which sits on the remaining 3.5 acres, will be torn down to make way for a condo development of more than 400 units. The total GDV of The Atrium and the new condo is RM968 million.

(Clockwise from left): The Atrium is part of a 4.54-acre parcel that Paramount Corp purchased in 2020; the building’s core feature is an atrium that allows in more natural light and ventilation; the building has been repurposed and rejuvenated to meet modern sensibilities.

Future launches

Chee says Paramount Property is planning six launches with a sales target of RM1 billion this year. These projects are located in Section 14 in Petaling Jaya; Greenwoods in Salak Perdana; Kemuning Utama; Sejati Lakeside 2 in Cyberjaya; Batu Kawan in Penang; and Bukit Banyan in Kedah.

He expects the property market to remain soft in 2022, depending on the country’s economic and financial outlook.

“The move into the endemic phase is expected to restore consumer confidence and aid the recovery of the property market in 2022. Downside risks remain, namely the developments surrounding Covid-19, both globally and domestically,” he says.

“Headwinds such as uncertainties arising from the emergence of a new variant of the virus, interest rate hikes, escalating prices of building materials and shortage of construction workers could dampen the property sector’s recovery.”

He notes, however, that the record-low interest rate environment and abolishment of the real property gains tax for disposals from Year 6 will help invigorate the property market. As such, he foresees that the market will be more sensitive to customers’ needs and demands, and provide more value for money, quality and functionality.

While the property development industry is on the road to recovery, he reckons that inflation is imminent, and the industry is experiencing the issue of high material prices affecting developers’ margins.

“What is happening in the market is that developers are experiencing a squeeze in margins but, at the same time, buyers are looking for discounts. Soon, most developers will offload their inventories, and property prices will go up.

“For many Malaysians, the best way to hedge against inflation is to buy property, and it is a way of keeping [the value of] our money.”

Paramount Property has a full plate but, by keeping a steady focus on what needs to be done, it is building a foundation for further expansion.

(Clockwise from left): Sky Terrace; Type E Living Room; Rooftop Swimming Pool