PETALING JAYA: Paramount Corporation Bhd is targeting 10 per cent year-on-year growth for its property development sales to around RM1.2 billion in 2023 compared with RM1.1 billion last year.
Group chief executive officer and director Jeffrey Chew Sun Teong said the company is optimistic to achieve the target sales this year given its robust performance during the first quarter (1Q) of 2023 on the back of improvement in the property division.
He said although the demand for property sector currently has reverted to normal level as before the pandemic due to various factors, the supply of property development especially in the urban areas has significantly decreased.
“Based on our market study, what happened is the supply of property development in terms of completion of the property has gone down by around 50 per cent in some locations.
“We expect better performance compared to 2022 and our revenue will also grow accordingly as we perform better this year,” he told reporters after the company’s 53rd annual general meeting here today.
He said the company would launch seven new projects involving commercial, industrial and residential properties with a total gross development value of RM1.52 billion for the financial year 2023 as well as grow other divisions such as the coworking segment, hospitality and food and beverages.
“Our biggest launch so far was the Savana high-rise residential project in Batu Kawan, Penang. We launched it last March and as of May, we have a take-up rate of 26 per cent,” he added.
In 1Q 2023, the property developer registered a higher net profit of RM11.58 million from RM5.02 million a year ago while revenue rose to RM194.56 million from RM168.09 million previously. – Bernama