Updates

Cover story: Paramount hopes to revitalise Klang with Berkeley Uptown

Phase 1, consisting of 241 units in Blocks B and E, will be unveiled by the end of this month

March 20, 2019: It is not an easy task to develop high-rises in Klang. The town has many old houses — the preferred type of home for the locals.

Being the former capital of Selangor, Klang is also a royal town — it houses Istana Alam Shah, the official palace of the Sultan of Selangor.

It has several historical landmarks, including the Klang Royal Town Mosque, Church of Our Lady of Lourdes and Tugu Keris. Other landmarks are Little India, Jambatan Kota, Klang Parade, GM Klang Wholesale City, Hospital Tengku Ampuan Rahimah and the Victorian-style Klang Selatan Fire Station. It also boasts the country’s largest port — Port Klang.

Paramount Property Development Sdn Bhd is one of a handful of developers that are looking at developing high-rises in Klang. Berkeley Uptown, a RM1.3 billion freehold project in Jalan Goh Hock Huat, is Paramount Property’s second development in Klang. In the 1970s, it developed one of the earliest housing estates there — Taman Berkeley or Berkeley Garden.

Klang City Rejuvenation programme

Paramount Property CEO Beh Chun Chong tells City & Country that Berkeley Uptown will occupy two land parcels — one spanning more than 29 acres and the other, over three acres. The company bought the larger property — then a shoe factory — in 2011. The other parcel, which is a vacant lot, was purchased later.

“When we came across this [bigger] land on the market, we saw the opportunity to construct a mixed-use development. We have developed Berkeley Garden, so we know how to proceed,” says Beh.

He adds that the developer took its time to engage with the local community before launching the project, just to be sure of getting its support.

Paramount Property has roped in the Klang Chinese Chamber of Commerce and formed the Klang City Rejuvenation (KCR) committee to breathe new life into the town. The committee has appointed Think City — a city-making organisation that has revitalised George Town and Ipoh — to do the job.

“Klang was something like George Town previously, where the people worked and stayed at the same place. But most of the people have moved to newer housing areas in Bukit Tinggi and Bukit Raja. Now, only businesses remain in the town centre … it is busy during the day but deserted at night,” says Beh.

“That’s why it took us so long to get the project off the ground. We had to engage with the local community as we are building apartment blocks in the town centre. I am glad that we have the support of the state government and the local community. It is a good start.”

As one of the prime movers of the KCR project, Paramount Property has been contributing funds for programmes such as heritage tours, cultural activities and annual treasure hunts.

Beh says the Berkeley Uptown sales village occupies three acres, with several retail lots and space for arts and cultural activities. Japanese convenience store FamilyMart will be opening soon at the village.

“We are talking to some F&B (food and beverage) companies now. We plan to have the business openings in stages so that we have something new every quarter [of the year]. The retail lots are on one level, and depending on demand, we may expand to two levels,” says Beh.

“We have also set aside spaces for Malaysian artists to exhibit their works. We hope the businesses and activities will bring back the crowd. We want to play our part in the urban rejuvenation programme and to be involved in building a better community.”

Berkeley Uptown

On Paramount Property’s larger land parcel, there will be two residential precincts (Residential Plots 1 and 2), a commercial precinct (Commercial Plot 1), an education precinct and a public park. The smaller parcel will have a commercial precinct (Commercial Plot 2). Beh says the developer is looking at building a pedestrian link to connect the two areas.

“Berkeley Uptown will make Klang more vibrant with its commercial and residential components as well as an educational institution,” says Beh.

“It will offer modern living within a classic vicinity … with facilities for the young and old.”

At the 5.23-acre education precinct, there will be a Sri KDU International School, which will be operated by Paramount Education. Slated to open in 2021, the school will have 53 classrooms and 15 laboratories and capable of accommodating 1,500 students.

The public park, which will occupy about two acres, will have facilities such as gazebos, exercise stations and sitting areas.

Residential Plot 1 — also known as Uptown Residences — will comprise 736 units in three towers and three low-rise blocks on a 5.17-acre land. It will be launched in three phases within two years. Phase 1, consisting of 241 units in Blocks B and E, will be previewed by the end of this month. The built-ups of the units — a mix of serviced apartments and villas — are 859 to 1,588 sq ft.

There are also several 551 sq ft units, which have been allocated for the state’s affordable housing scheme.

Beh says the villas, located in the low-rise blocks, are designed to “bridge the gap” between high-rise buildings and landed properties. Each villa will come with three parking bays, which are located in front of it. There will be 14 low-rise units in Phase 1.

Facilities include a barbecue area, Jacuzzi, swimming pool, children’s pool, fitness station, gymnasium, reading room, multipurpose hall and children’s playground.

The prices of the units of Phase 1 (gross development value: RM115 million) start at RM433,000 or about RM500 psf. The maintenance fee and contribution to the sinking fund for the serviced apartments will be 30 sen psf per month. Beh says it is the developer’s intention to keep fees at its projects at below 30 sen psf.

“This [30 sen psf] is possible as long as we have quantity. We also have shops at some of the apartment blocks … the JMB (joint management body) can collect rent to offset the maintenance fee,” he says.

Commercial Plot 1, which will take up 3.73 acres, is expected to be launched by end of next year. It will be a mixed commercial development comprising a five-storey office block, an eight-storey office block and 26 double-storey shops.

For Residential Plot 2, which will consist of 935 serviced apartments in five blocks on 7.39 acres, the developer will gather feedback before deciding on the built-ups of the units.

Commercial Plot 2 will offer 210,000 sq ft of retail space and 280,000 sq ft of office space.

Beh expects the project to get good response due to factors such as its freehold status, amenities, design quality, brand name and pricing.

However, he says, Paramount Property is not taking chances as Berkeley Uptown is its first high-rise development in Klang. “We have appointed building architect BEP Akitek Sdn Bhd and landscape architect Praxcis Design for the job. They are award-winning companies and we hope to bring modern city living to the residents … like the kind in Mont’Kiara and Bangsar.

“We expect most of the buyers to be locals and people from the surrounding areas.

“Our mission has always been to enrich the community, provide a better living environment and be innovative. Although our brand is old, we are not outdated … we always try to introduce new things. One example is the co-working space we opened recently at The Starling mall in Petaling Jaya.”

StarProperty.my Awards 2019

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™!

Paramount targets RM1bil sales in 2019

Paramount chief executive officer Jeffrey Chew said the partnership was worth RM38.5mil.

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.

Paramount targets RM1.3b GDV of launches this year

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.