paramount

March 11, 2019: What a night to remember for us! We are honoured to be awarded as one of the All-Star Top Ranked Developer of the Year at the StarProperty.my Awards 2019! We also bagged The Northern Star Award, Best Northern Malaysia Development for Utropolis, Batu Kawan and The Starter Home Award, Best Affordable Home for Greenwoods, Salak Perdana.

A big thank you to everyone for believing in us throughout our journey to become The People’s Developer™!

PETALING JAYA (March 7, 2019): Paramount Corp Bhd is targeting to sell RM1bil worth of properties this year despite the challenging market.

Its chief executive officer Jeffrey Chew said property sales would bed driven by RM1.3bil new property launches as well as RM995mil unbilled sales.

“Last year was a record year for Paramount, of which we achieved RM1bil property sales. We are targeting the same sales this year,” he told reporters at a briefing on Thursday.

The RM1bil sales that the company achieved last year was 23% higher than the RM816mil sales it made in 2017.

According to Paramount property division CEO Beh Chun Chong among new launches for this year included an office building at Atwater development located at Seksyen 13 Petaling Jaya, mixed development Berkeley Uptown in Klang and service apartments in Batu Kawan in Penang.

“Aside from the in house property development, we are also eyeing for land development projects as well as a joint venture with landowners for property development,” he said.

For instance, he said Paramount is in the midst of completing a joint venture agreement with Kumpulan Hartanah Selangor Bhd (KHSB) to develop two parcels of leasehold commercial land measure 9.66 acres in Section 14, Petaling Jaya.

“We are targeting to start launching apartment units in 2020,” Beh said.

At the moment, Paramount has 556.4 acres of land, of which Chew said has an estimated gross development value (GDV) of RM6.9bil over the next nine years until 2027.

He said Paramount is buying 41.4 acres of land in Cyberjaya with projected GDV of RM570mil.

KUALA LUMPUR (March 7, 2019): Paramount Corp Bhd will be launching RM1.3 billion gross development value (GDV) worth of projects in 2019, as the developer targets sales of RM1 billion for the year, matching its performance in 2018.

Paramount chief executive officer Jeffrey Chew said the group will see a steady stream of launches this year, which includes Phase 3 of its Utropolis Batu Kawan project comprising serviced apartments and commercial shops, over 200 units of affordable homes for Greenwoods in Salak Perdana, as well as the upcoming Berkeley Uptown in Klang.

He said the Utropolis Batu Kawan project has seen good take up with Phase 1 of the development comprising residential suites, and commercial shop offices seeing take up rates of 99% and 71% respectively, while the serviced apartments under Phase 2 saw take up of 56%.

The third phase of the project, which comprises serviced apartments with GDV of RM222 million, is expected to be launched towards the end of the year.

Meanwhile, Berkeley Uptown, a RM1.2 billion mixed development which includes a Sri KDU International School, serviced apartments, commercial zone, offices and a public park, will be launched soon and is expected to act as a catalyst for the area.

“Berkeley Uptown will be launched in two weeks. We believe that with Sri KDU in the development, it will rejuvenate the Klang Old Town area,” Chew said.

The group is also launching the office portion of its Atwater development in Petaling Jaya this year, which he said the group is slightly concerned about, given the glut in the Klang Valley office space.

However, if take up is slow for the office units, Chew said the group could potentially get Co-labs — its coworking space venture — to occupy 60,000 sq ft of space to build awareness of the building.

The group is also looking to further expand Co-labs and have identified three sites for upcoming spaces — namely NAZA Tower in Kuala Lumpur, Sekitar 26 in Shah Alam and the expansion of its existing space in Starling Mall.

The co-working space venture is expected to contribute RM4 million in revenue for the financial year ended Dec 31, 2019 (FY19).

“With all these projects and our unbilled sales of RM995 million, we are quite confident we can achieve this year’s target of RM1 billion,” he said.

By Bernama – March 7, 2019 @ 8:35pm

KUALA LUMPUR: Property developer, Paramount Corp Bhd, is maintaining its sales target at RM1 billion this year despite the soft property market sentiment.

Group chief executive officer Jeffrey Chew, however, said with the 23 per cent improvement in sales, year-on-year, to RM1 billion in 2018 from RM815 million in 2017, the group is optimistic the target would be achievable, driven by several new launches coming up this year.

Speaking to the reporters during a briefing on the group’s 2018 financial results, he said Paramount’s unbilled sales amounted to RM995 million as at end-2018.

“We are planning to launch new phases of existing projects in 2019 with an estimated gross development value (GDV) of RM1.3 billion which includes expanding our footprint to Klang, Selangor, with an integrated property-education development project of 13.48 hectares located at Jalan Goh Hock Huat.

“Next, we have the ATWATER commercial development in Section 13, Petaling Jaya, to be launched to complement the residential units that recorded 84 per cent take-up rate last year,” he said.

Chew said the group would also launch the third phase of its Utropolis serviced apartments in Batu Kawan, Penang.

“Meanwhile, Paramount will also replenish its land bank by 16.75 hectares in Cyberjaya, Selangor, and work towards launching the first phase of the residential development in third quarter 2019,” he added.

On the co-working space segment, Chew said the group was planning to open another three co-working sites in 2019, located at Naza tower (KL city centre), Sekitar 26 (Shah Alam) and the expansion of the Starling Mall space.

“Including this year’s launches, to-date, Paramount has four co-working space which can accommodate 1,200 and we are projecting to garner revenue of about RM4 million by the year-end for this segment,” he said.

Paramount’s net profit for the financial year ended Dec 31, 2018 declined 29 per cent to RM94.92 million from RM133.64 million in 2017 while revenue increased 19 per cent to RM210.53 million from RM187.83 million previously.

– BERNAMA

PETALING JAYA (March 7, 2019): Paramount Corp Bhd’s joint venture with state government-owned MBI Selangor to develop a 9.6-acre site in Section 14, Petaling Jaya, Selangor into a transit-oriented development (TOD) has been completed.

The development, expected to be launched next year, has an estimated GDV of RM1 billion.

“The launch will be in 2020. The tentative plan is for a residential development with limited commercial elements with a link bridge to Asia Jaya LRT station,” said Paramount Property CEO Beh Chun Chong (pictured) after the company’s financial results briefing today.

*Paramount Corp aims to repeat RM1 billion sales in 2019

There would be around 20,000 sq ft of commercial space and about 2,000 residential units, of which 30% will be starter homes (studio apartments of around 500 sq ft) for single wage earners, Beh added.

The site located 400m from the Asia Jaya LRT station is currently used as an open air carpark.

MBI Selangor is a corporate body established by the Selangor government to administer assets and investments of the state government.

Meanwhile, Paramount Corp is expanding its co-working space business, Co-labs, to Kuala Lumpur City Centre with a new space in Naza Tower, which is expected to open in June.

Paramount group CEO Jeffrey Chew said the 27,000 sq ft Co-labs in Naza Tower can accommodate 400 seats.

Currently, Co-labs is in Utropolis Glenmarie and Starling Mall in Damansara Utama, Selangor. Both have occupancy rates of more than 90%.

“The addition of Co-labs Naza Tower will increase the total Co-labs space to 60,000 sq ft or 1,200 seats. We expect this segment to contribute RM4 million in revenue by year-end,” he added.