Paramount Corp aims to repeat RM1 billion sales in 2019

Beh, Paramount Corp Bhd chief financial officer Foong Poh Seng and Chew at the media briefing.

PETALING JAYA (March 7, 2019): Paramount Corp Bhd will be launching seven projects in northern and central Malaysia with a total GDV of RM1.345 billion this year. it aims to continue achieving RM1 billion sales in 2019.

Group chief executive officer Jeffrey Chew said despite the challenging market, the company hit its RM1 billion sales target in 2018 with positive take up of new launches in Batu Kawan in Penang and Petaling Jaya, Selangor. 

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“Currently we have an unbilled sales of RM995 million and low unsold stock (33 units worth RM23 million). With the upcoming launches, we are eyeing to achieve the RM1 billion sales target, same as 2018,” he told the reporters during a media briefing today.

He added that a new development Berkeley Uptown integrated township project in Klang will be launched on March 23, 2019.

This 28.3-acre township has a potential GDV of RM1.2 billion and comprises Sri KDU International School, serviced apartments, commercial zone for retail and offices as well as a public park.

Paramount Property CEO Beh Chun Chong added that phase one of Berkeley Uptown in Klang which will be launched in March, will be a two-block serviced apartment with 482 units carrying an estimated GDV of RM223 million.

Built-ups of the serviced apartments will range between 870 sq ft and 1,600 sq ft with prices starting from RM400,000.

The company will also begin the construction of the 5-acre Sri KDU International School at the development’s freehold site located at Jalan Goh Hock Huat, Klang.

In 3Q2019 the developer will be unveiling phase one of the 41.4-acre Cyberjaya Lakeside development which has a projected GDV of RM570 million.

Phase one will be a landed residential development of 130-unit homes with an estimated GDV of RM132 million.

The other five developments will comprise new phases at Paramount’s existing developments including; Bukit Banyan in Kedah; Utropolis Batu Kawan in Penang; Greenwoods in Salak Perdana, Sepang; Atwater in Section 13, Petaling Jaya; and the Rumah Selangorku project in Kemuning Utama, Selangor.

Earlier in January, the company launched the commercial component of the Atwater development in Petaling Jaya, which comprises two office towers and a retail component that carries a GDV of RM313 million.

“In the Central region, our launches will include an affordable landed homes project in Greenwoods [in Salak Perdana, Sepang] comprising 237 double-storey terraced houses with an estimated GDV of RM136 million; In Kemuning Utama, there will be a 650-unit Rumah Selangorku apartment project which has an indicative GDV of RM113 million,” said Beh.

In the Northern region, the Utropolis Batu Kawan development will see new launches in 4Q2019 including a serviced apartment project with a GDV of RM222 million and commercial shops with a GDV of RM21 million.

In Kedah, Paramount will continue to launch new landed homes at its Bukit Banyan development in Sungai Petani, adding another 489 units of homes with an estimated GDV of RM185 million.

The company currently has a total landbank of around 600 acres with potential GDV of over RM8 billion.