Uncategorized

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.

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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

Arinna, Kemuning Utama

‧ Serviced Apartment - RM4,000 each

Berkeley Uptown, Klang

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

Greenwoods Salak Perdana, Sepang

‧ Townhouse, Intermediate Lot / End Lot - RM 2,000 each
‧ Townhouse, Corner Lot - RM 4,000 each

Sejati Lakeside, Cyberjaya

2-Storey Terrace Homes

‧ 1% incentive on net selling price after discounts/rebates

2-Storey Superlink Homes

‧ 1% incentive on net selling price after discounts/rebates

Sejati Lakeside, Cyberjaya

2-Storey Semi-Detached Homes

‧ 1% incentive on net selling price after discounts/rebates

2.5-Storey Semi-Detached Homes

‧ 1% incentive on net selling price after discounts/rebates

Sekitar26 Enterprise, Shah Alam

2-Storey Shop Offices

‧ 1% incentive on net selling price after discounts/rebates

Affordable Shops

‧ RM1.000

ATWATER, Petaling Jaya

Serviced Apartment

‧ 1% incentive on net selling price after discounts/rebates

The Atrium

‧ Serviced Apartment – RM4,000 each

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Kedah

Laguna Merbok Business Park, Sungai Petani

Phase 13

‧ 2-storey Shop Office : RM 5,000 each

Bukit Banyan, Sungai Petani

Phase 7

‧ Sierra Elite 2A (2-storey Bungalow) : RM 10,000

Phase 8A

‧ Senni 3 (2-storey Superlink) : RM 3,000

Phase 9

‧ Amaryn 3 (2-storey Terrace Home) : RM 3,000

Phase 10

‧ BBBC (2-storey Shop Office) : RM 5,000

Phase 11

‧ Sierra Prime (2-storey Semi-Detached Home) : RM 5,000

Phase 12

‧ Senni 3A (2-storey Terrace Home) : RM 3,000

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Penang

Utropolis Batu Kawan, Penang

Phase 1A

‧ Commercial Suites : RM 4,000

Phase 3

‧ Sinaran : RM 2,000

Phase 3

‧ Sinaran Avenue : RM 5,000

Phase 4

‧ Savana : RM 2,000

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*Applicable to Paramount Property Circle members only. Terms and conditions apply.

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.

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