Transformation Ahead

KUALA LUMPUR (Jan 22): Established more than five decades ago, Paramount Corp Bhd is known for its core businesses of property development and education, particularly Kolej Damansara Utama. It has since disposed of a majority stake in its tertiary education business in 2019, and bowed out of the pre-tertiary education business last year.

In recent years, Paramount Corp has also ventured into the workspace solutions business (with Co-labs Coworking and Scalable Malaysia) and the hospitality business with Mercure Kuala Lumpur Glenmarie at Utropolis Glenmarie in Shah Alam, Selangor.

The group is now looking at opportunities in the digital realm, especially, to take the company to the next level. Deputy group CEO and executive director Benjamin Teo says that as the company needs to look at parabolic growth, the best way is to look into other businesses such as digital ones. 

In the same issue, we look into LBS Bina’s plans for 2023, and speak to KGV International Property Consultants on how the housing market in Johor Baru performed in 3Q2022. We also feature the just-launched CBRE|WTW’s Market Outlook 2023 report.


Owners of Rumah Selangorku at Kemuning Idaman Receive Keys from Selangor Menteri Besar

Shah Alam, 13 January 2023: Selangor Menteri Besar Dato’ Seri Amirudin bin Shari handed over keys to new owners of Rumah Selangorku Kemuning Idaman at a ceremony this morning. Among the 650 new owners was Lembaga Perumahan dan Hartanah Selangor (LPHS), which had purchased 30 apartments for Skim Smart Sewa.

The VIPs present included Selangor Exco Member for Housing, Urban Well-being and Entrepreneurial Development Puan Rodziah binti Ismail, Datuk Bandar of Majlis Bandaraya Shah Alam Dr Nor Fuad Abdul Hamid and Dato’ Orang Kaya Maha Bijaya Klang, Dato’ Setia Haji Muhamad Khusrin bin Haji Munawi.

LPHS, the co-organiser of the event, was represented by its Executive Director Dato’ TPr Dr Juhari bin Ahmad while Paramount Corporation Berhad was represented by its Group CEO Jeffrey Chew and Deputy Group CEO Benjamin Teo. Paramount Property is the developer of Kemuning Idaman.

Dato’ Seri Amirudin also visited some of the units for handover, and with the assistance of other VIPs, planted “happiness trees” next to the surau, as symbolic gesture to wish the new occupants of Kemuning Idaman happiness at their new homes.

The gated and guarded Kemuning Idaman comprises 650 units of apartments in two blocks; one, 16 storeys and the other, 17 storeys. The community has its own surau building, open air carparks for visitors, a six-storey carpark for residents, a multi-purpose hall, children’s playground and a basketball court. The apartments are priced from RM100,000 to RM192,000, depending on unit size and the number of car parks.

LPHS has purchased 30 units of Kemuning Idaman to rent them out under the Skim Smart Sewa, making the apartments accessible to those who cannot afford to buy them.

Paramount Corporation Berhad Group CEO Jeffrey Chew said Paramount was pleased to support nation building by building affordable homes.

“In support of the Selangor Government’s Rumah Selangorku initiative to help Malaysians own homes, Paramount has completed 1,356 units of affordable homes in Selangor including here at Kemuning Idaman,” he said in his speech.

“Over the next two to three years, Paramount will launch more than 3,000 units of affordable homes in Shah Alam, Salak Tinggi and Petaling Jaya. We look forward to continuing to cooperate with the Selangor Government towards a prosperous state, to grow in strength together.”

Chew said Paramount has contributed substantially to Selangor by developing properties worth some RM7 billion since 2003, of which more than RM5.7 billion are residential properties, more than RM1.2 billion are commercial properties and the balance, industrial properties. This excludes the value of the campuses that Paramount had built for private schools and tertiary education campuses

In terms of physical units, Paramount had launched more than 10,000 residential properties (comprising houses and apartments at different price points for different markets) and 1.9 million square feet of commercial spaces including a hotel, offices, a mall, car parks, and industrial space in Selangor.

Today, Paramount has 10 ongoing projects in Selangor, Kuala Lumpur, Kedah and Penang with a GDV of RM3 billion.


Penang Governor Joins 2,500 Participants to Cycle Across Two Bridges on His Birthday

Paramount Corp group CEO Jeffrey Chew

Some 2,500 participants, including Penang Governor Tun Ahmad Fuzi Abdul Razak, took part in the second Penang Fellowship Ride 2023 today.

The route took the cyclists across two Penang bridges, beginning with the Penang Bridge (first Penang bridge) and returning via the Sultan Abdul Halim Muadzam Shah Bridge (also known as the second Penang bridge) to the start/finish point at Queens Waterfront.

Ahmad Fuzi, who celebrated his 74th birthday today, first flagged off the cyclists on a breezy Sunday morning before joining them in the 66km ride.

Ahmad Fuzi (left) limbering up for the Penang Fellowship Ride 2023. Joining him in the warm-up are Chow (right) and Mohd Sayuthi (second from left).
Ahmad all geared up for the ride.

The cyclists took a break at the 33km mark near the University of Wollongong in Batu Kawan to refresh themselves before resuming the ride.

Chief Minister Chow Kon Yeow, who was among the dignitaries present, said he believed that there must be some among the participants who had also taken part in the City Ride programme that was held on Jan 2.

The difference was that this time the route was more relaxed, compared to the hilly route during the City Ride programme.

Cyclists pacing themselves on the Penang Bridge.

“With the spirit of LovePENANG, I believe that such activities are not just leisure activities, but rather they are also an important unifying platform and medium in strengthening the harmony and unity of the multi-racial community in this state.

“Hopefully, the programme will run smoothly and all participants will be able to complete the cycling challenge safely and successfully,” Chow said in his short speech.

Participants awaiting the flag-off.

Accompanying Ahmad Fuzi during the ride were state Youth and Sports Committee chairman Soon Lip Chee, Chief Police Officer Datuk Mohd Shuhaily Mohd Zain, Penang State Sports Council director Harry Chai Heng Hua, Penang Island City Council (MBPP) mayor Datuk Yew Tung Seang and organising chairman Datuk Dr Lim Seh Guan, who is also the G Club Penang Cyclists chairman.

Before the race began, Dr Lim advised the riders not to stand on the ledge of the bridge to take photographs because strong winds might blow them off into the sea.

Dr Lim advises participants to take care of their safety while riding.

“This is a non-competitive event. We want everyone to enjoy the race.

“We organised the first Penang International Bridge to Bride Ride (PgIB2B) in 2019 and we renamed it to Penang Fellowship Ride this year. If we are successful in holding this second ride, we intend to hold it again next year,” Dr Lim said.

He also thanked Paramount Property and SLM Bicycle (Trek Malaysia) for helping to sponsor the event.

Paramount Property Northern chief executive officer Ooi Hun Peng said his company was both proud and privileged to be the title sponsor because the event brought people of all races, ages, and beliefs together for healthy fun and fellowship.

Ooi encourages the participants to be the bridges and the ambassadors of fellowship and goodwill in the community.

“Paramount Property champions healthy activities that bring communities together. This is part of our corporate social responsibility to uplift the communities where we operate.

“I can’t think of a more exciting and energetic way to start 2023 – cycling across two bridges, one of which is the second longest in South-East Asia! Cycling is a good activity to challenge your mental strength and stamina.

“I ask you to strengthen the spirit of fellowship that is being promoted today. I ask you to act as bridges, just like the bridges that you rode over, to connect people, and to build the community spirit beyond race, religion, age and gender,” Ooi said.

A group of cyclists taking a selfie before the start of the race.

Also present at the flag-off were State Secretary Datuk Mohd Sayuthi Bakar, deputy Education Minister Lim Hui Ying, who is also the Tanjong MP, Sungai Pinang assemblyman Lim Siew Khim, Penang JKR director Ahmad Nadzri Abdul Majid, LLM northern region director Azleen Jaludin and Jabatan Kedua Sdn Bhd CEO Faisal Shahbudin.

Other notable attendees were southwest district officer Mohd Hafiz Aswad Nadzri, Ideal Property Group CEO Datuk Goh Teng Whoo, Penang Forward Sports Club adviser Datuk Tom Khoo and SLM Bicycle (Trek Malaysia) CEO Lim Yee Wei.

Story by K.H. Ong

Pix by Adleena Rahayu Ahmad Radzi

Video by Law Suun Ting


Life is a Circle

Introducing the Paramount Property Circle – Our new loyalty programmes for our close-knit homebuyer community. As part of the Circle, you will be entitled to cash rewards of up to RM 16K and savings of up to 2% on your next purchase.