Despite the soft property market sentiment, property developer Paramount Corp Bhd is optimistic that it would achieve its RM1 billion sales target for this year. This comes as the group’s sales increased 23 percent year-on-year to RM1 billion last year from RM815 million in 2017.
As at end-2018, the company’s unbilled sales stood at RM995 million, reported Bernama.
Paramount Group CEO Jeffrey Chew revealed that they plan to launch several new projects this year.
“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,” he said.
“Next, we have the ATWATER commercial development in Section 13, Petaling Jaya, to be launched to complement the residential units that recorded 84 percent take-up rate last year.”
Another project set to be launched is the third phase of the 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,” added Chew.
He also revealed plans to open three more co-working sites this year at Sekitar 26 (Shah Alam), Naza tower (KL city centre) as well as 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,” said Chew.
Paramount saw its net profit drop 29 percent to RM94.92 million during the financial year ended 31 December 2018 from RM133.34 million in the previous year.
Revenue, on the other hand, increased 19 percent to RM210.53 million from RM187.83 million in 2017.