KUALA LUMPUR: Paramount Corp Bhd’s net profit shot up by 102 times to RM27.2mil in the third quarter ended Sept 30 (3Q22) from a low base of RM267,000 posted in the same quarter last year.
Revenue for the quarter more than doubled to RM231.7mil from the RM84.8mil recorded in 3Q21 while earnings per share rose to 4.37 sen from 0.04 sen last year.
“The strong performance was due to the higher level of operating activities at the property division as well as the net gain from the asset monetisation exercises that took place in 3Q, i.e the sale of the tertiary education campus in Damansara Jaya and the divestment of the remaining 20% equity in the pre-tertiary education business,” group CEO Jeffrey Chew said in a statement.
Year-to-date, the developer’s net profit surged to RM41.3mil, close to 10 times that of RM4.2mil posted a year prior while revenue jumped to RM602.2mil against RM364.01mil.
Chew said he was pleased that the group’s financial performance for the first nine months of 2022 had surpassed that of the full year in 2021.
“Moving into the fourth quarter, the Group remains in a resilient position to deliver a year of solid growth focusing largely on enhancing the Group’s productivity amid an inflationary environment,” he said.
Chew said the sales momentum in the third quarter remained strong.
For the first nine months of 2022, sales of RM691mil was recorded, an increase of 95% while unbilled sales of RM1.3bil was a new milestone achieved.
“Leveraging on the strong sales momentum, we are on track to launch RM1.2bil of properties this year.
“To-date, we have successfully launched close to RM1.1bil, anchored by The Atera in Petaling Jaya, Arinna Kemuning Utama and Sejati Lakeside 2 landed homes in Cyberjaya,” Chew said.
In respect of the non-core assets monetisation strategy involving the two sale transactions of 3Q22, RM180mil cash will be raised of which RM85mil will be used to pare down borrowings while RM74.6mil has been earmarked as special dividend for shareholders.
THE Atera by Paramount Property is a new transit-oriented development in the mature neighbourhood of Petaling Jaya, with an expected launch date of Q4 2022.
Residents can expect amenities to be available nearby and easy access to public transportation, bringing even more convenience to their doorstep.
Spanning across 3.909ha (9.66 acres) there will be three phases to the project that is strategically located in the heart of PJ and is a stone’s throw away from the Asia Jaya LRT station and just three minutes to Federal Highway.
Phase one consists of a tower with 756 residential serviced apartment units and four retail lots, while phase two and three will be future high-rise development of residential units.
Future residents will be surrounded by a host of amenities and facilities from schools, colleges, universities, to medical centres and hospitals as well as shopping malls and groceries.
“The Atera is Petaling Jaya’s next urban living marvel. As a new transit-oriented development that will rejuvenate the matured neighbourhood of Section 14, PJ, bringing fuss-free commute to residents via the LRT station that is within walking distance.
“It is designed for young urbanites who are building a rising career or setting roots down as a couple and positions future residents closer to conveniences such as shopping malls and hypermarkets, educational institutions and medical centres among others,” said Paramount Property chief executive officer Chee Siew Pin.
Home for modern folks
The Atera residential serviced apartment offers various built ups from 72 to 132 sq m (770 to 1,419 sq ft), which is made with first-time homebuyers and newlywed couples who are branching out on their own or thinking of starting a new family together, in mind.
“The Atera offers a cosy layout with ample space where they can grow into and make into their own. While the dual key units are designed for multigenerational living, this dual-key unit offers more privacy and space – all under one united roof.
“It is also for upgraders and those who are looking for an investment opportunity that promises strong capital appreciation and ticks all the right boxes.
“It is competitively priced and located in prime area of PJ with immediate access to the sprawling Kelana Jaya LRT line via Asia Jaya LRT station and Federal Highway, as well as a host of amenities that will attract buyers to want to own a unit at The Atera,” said Chee.
The units are also semi-fitted with furniture and fittings for a hassle-free move in such as kitchen cabinet, hood and hob, bathroom shower screen, towel rail and instant water heater, as well as having air-conditioning units in the living and master bedroom.
“Every unit is designed to allow a good flexibility for the occupants to distinguish their own personal taste yet coexist within the physical structures designed living experience.
“The Atera has been built with one thing in mind: to uplift its residents in every aspect of life.
“An array of wholesome facilities for self-improvement and families are offered, while every home comes complete with semi-furnished interiors for better living,” he said.
Future homeowners will be privy to a plethora of lifestyle facilities with green spaces, fitness facilities and children play areas interspersed by pockets of tranquil gardens, pool and hidden coves – all for the enjoyment of the residents and their families.
On top of being semi-fitted, The Atera also has a slew of sustainable features and is GreenRE Bronze certified.
There is a rainwater harvesting system that provides water to landscape watering and common toilets, which saves thousands of litres of water.
Electric vehicle (EV) charger, solar power system to reduce utilities cost on common areas, water filtration system that removes unwanted debris from the main water supply to provide clean water and automated waste collection system (AWCS) for every floor, offering greater sustainability.
It also is an integrated, gated and guarded, self-contained master plan that comes equipped with an array of safety and security systems to promote a safe living environment such as a multi-tiered security for complete assurance, 24/7 security patrol for peace of mind, visitor management system for residents’ convenience and a dual drop-off area for those visiting the retail lots and residents.
Making life a breeze
The Atera has a covered walkway with lighting linking the development to Asia Jaya LRT station to ensure residents’ safety.
“There are also bicycle lanes with a dedicated cycle path separated from the road and sidewalks improving safety for people on bikes and generating healthy and non-air-polluting lifestyles.
“A new two-lane road will be built above Penchala River which will provide alternative travel routes for the residents connecting them to other areas of Petaling Jaya.
“Also, the riverwalk and promenade is a beautification of the existing river and bespoke landscape within the structure’s vistas to promote a sense of place and foster social interaction,” said Chee.
The Atera is easily linked to major highways, including the Federal Highway (three minutes), LDP, Sprint Expressway, NPE, and NKVE – providing greater conveniences to this dynamic, urban community.
To make the city living a more connected and hassle-free experience, there will be nine retail lots for sale within The Atera.
The units built up size range from 135.3 to 192.03 sq m (1,456 to 2,067 sq ft) and is located just beneath the serviced residences.
“This will provide conveniences at the residents’ doorstep.
“These lots are sized perfectly for lifestyle eateries, from cafes to cosy restaurants and grab-and-go snack bars.
“With a steady catchment of residents within the development and around the neighbourhood, pet-focused stores and hobby-related businesses will also thrive here.
“We envision the retail lots to be community oriented and a place not only offering day to day conveniences to its residents above, but also to the general community at large.
“It will be a place to foster social interaction and create a sense of community and neighbourliness.
“There will also be ample car parks provided for the retail spaces and has been carefully segregated from the residence ensuring a good level of secured privacy,” he said.
For more information, go to paramountproperty.my/the-atera/
Paramount Corporation Berhad (Paramount) was ranked fourth among Bursa Malaysia listed property developers with market capitalisation of under RM1 billion at the inaugural Malaysia Developer Awards (MDA) 2022 last night (19 October 2022). The Awards was organised by FIABCI Malaysia and Star Media Group as a credible and holistic benchmarking of the industry for property developers and consumers.
Paramount Deputy Group CEO and Executive Director Benjamin Teo Jong Hian accepted the trophy from Secretary General of Ministry of Housing and Local Government Datuk M Noor Azman Taib. On stage to witness the event were Mr Alex Yeow Wai Seow, Group CEO of Star Media Group and FIABCI-Malaysia President Datuk Firdaus Musa. The awards dinner was held at Sunway Resort Hotel.
The MDA consists of two sets of Top-of-the Chart Awards (one tier for listed companies with market capitalisation of RM1 billion and above, and another for below RM1 billion) and three sets of special awards, which are open to non-listed companies. The MDA website states that two tiers based on market capitalisation were created to even the playing field between bigger property developers and smaller ones.
The MDA judging panel included professionals from multiple disciplines in the property industry including Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar, MBSB Bank Bhd chairman Tan Sri Azlan Mohd Zainol, Klang Municipal Council president Noraini Roslan, Institution of Engineers Malaysia past president Emeritus Prof Tan Sri Chuan Hean Teik, heads of property-related institutions and analysts. The awards results were validated by KPMG.
Among Paramount’s cheering team were Paramount Property CEO Chee Siew Pin, Paramount Property Northern CEO Ooi Hun Peng and Paramount Property COO Wang Chong Hwa, and colleagues across the group from project management to customer service, human resource, finance and sales and marketing.