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Paramount Property’s Hill Park @ Bukit Banyan Strikes Gold at EdgeProp Awards

After an unprecedented year due to the COVID-19 pandemic, the EdgeProp Best Managed & Sustainable Property Awards 2021 (BMSPA 2021) returned for its fifth year in the form of a gala dinner at the One World Hotel, Petaling Jaya on April 4. The EdgeProp-ILAM Malaysia’s Sustainable Landscape Awards forms a category within the BMSPA 2021.

This year, the judges decided to divide the entries for the EdgeProp-ILAM awards  into two sub-categories namely the Landscape Design category and the Landscape Planning category, based on their size and function, among other considerations. Paramount Property’s Hill Park at Bukit Banyan won gold in the Landscape Planning category. It was a hard won victory considering Sime Darby Property’s Elmina Central Park and Gamuda Land’s Central Park Phases 1,2,3 at Gamuda Gardens also won gold in the same category.

Paramount Corporation Berhad Chairman Dato’ Teo Chiang Quan and Paramount Property Chief Operating Officer Wang Chong Hwa were at the prize-giving ceremony to lend support to the property team led by Paramount Property CEO for the Northern region Ooi Hun Peng.

EdgeProp Malaysia editor-in-chief and Managing Director Au Foong Yee said the Awards are dedicated to the benchmarking of Malaysia’s Gold Standard of Property Management Practices and Sustainability. This year’s Awards attracted more than 40 submissions with a total of 26 awards given to 23 winning-projects. Housing and Local Government Minister Datuk Zuraida Kamaruddin was the guest-of-honour.

(From left to right) Wang Chong Hwa COO of Paramount Property and Ooi Hun Peng, CEO of Paramount Property Northern region,  giving a thumbs up
Dato’ Teo Chairman of Paramount Corporation Berhad (in the middle) celebrating the win with the team
The Paramount Property Northern region team

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Divestment gain of RM460m gives strong boost to Paramount’s 1Q net profit

KUALA LUMPUR (May 29): The divestment gain of RM460.6 million from the disposal of Pre-Tertiary Education Group helped to lift Paramount Corp Bhd’s net profit for the first quarter ended March 31, 2020 (1QFY20) to RM466.95 million, from RM6.17 million a year ago.

In its quarterly result release, the group noted that the divestment of Paramount’s pre-tertiary education businesses, which was completed in February 2020, provides a strong cash buffer which puts Paramount in a good financial position.

However, the group’s profit before tax from continuing operations was 51% lower at RM4.3 million, from RM8.6 million mainly due to the lower contribution from the property division.

Quarterly revenue was flat at RM122.11 million, from RM122.29 million in 1QFY19, according to a filing to Bursa Malaysia yesterday.

Paramount said the group’s operations, like other businesses, have also been impacted by the Covid-19 pandemic.

Its offices, construction sites and property sales galleries had been closed in compliance with the movement control order (MCO) that was effective from March 18, 2020, although the marketing of properties continued to be conducted digitally, the company said.

Thereafter, the group’s operations and construction activities have since resumed progressively during the Conditional MCO period, after complying with the relevant standard operating procedures and guidelines.

To face the challenges resulting from the Covid-19 outbreak, the group is adapting and redefining its business processes, products and service offerings to customers under the new normal.

“Measures have been taken to protect the health and wellbeing of the group’s employees, customers, suppliers and the group’s financial resiliency during this unprecedented time,” said Paramount. 

Shares of Paramount closed 5.5 sen or 7.01% higher at 84 sen yesterday, valuing it at RM516.13 million. Year-to-date, the counter has fallen 31% from RM1.22.