Paramount aims for RM1b property sales this year

Paramount Corp chief executive officer Jeffrey Chew targets RM1 billion property sales this year. NSTP photo by NURUL SHAFINA JEMENON

By Bernama – March 7, 2019 @ 8:35pm

KUALA LUMPUR: Property developer, Paramount Corp Bhd, is maintaining its sales target at RM1 billion this year despite the soft property market sentiment.

Group chief executive officer Jeffrey Chew, however, said with the 23 per cent improvement in sales, year-on-year, to RM1 billion in 2018 from RM815 million in 2017, the group is optimistic the target would be achievable, driven by several new launches coming up this year.

Speaking to the reporters during a briefing on the group’s 2018 financial results, he said Paramount’s unbilled sales amounted to RM995 million as at end-2018.

“We are planning to launch new phases of existing projects in 2019 with an estimated gross development value (GDV) of RM1.3 billion which includes expanding our footprint to Klang, Selangor, with an integrated property-education development project of 13.48 hectares located at Jalan Goh Hock Huat.

“Next, we have the ATWATER commercial development in Section 13, Petaling Jaya, to be launched to complement the residential units that recorded 84 per cent take-up rate last year,” he said.

Chew said the group would also launch the third phase of its Utropolis serviced apartments in Batu Kawan, Penang.

“Meanwhile, Paramount will also replenish its land bank by 16.75 hectares in Cyberjaya, Selangor, and work towards launching the first phase of the residential development in third quarter 2019,” he added.

On the co-working space segment, Chew said the group was planning to open another three co-working sites in 2019, located at Naza tower (KL city centre), Sekitar 26 (Shah Alam) and the expansion of the Starling Mall space.

“Including this year’s launches, to-date, Paramount has four co-working space which can accommodate 1,200 and we are projecting to garner revenue of about RM4 million by the year-end for this segment,” he said.

Paramount’s net profit for the financial year ended Dec 31, 2018 declined 29 per cent to RM94.92 million from RM133.64 million in 2017 while revenue increased 19 per cent to RM210.53 million from RM187.83 million previously.