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.