Paramount to launch four projects worth RM783m GDV in 2H19

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KUALA LUMPUR (July 10): Paramount Corp Bhd is planning to launch four new projects with a combined estimated gross development value (GDV) of RM783 million in the second half of 2019 (2H19).

Speaking to reporters after its extraordinary general meeting here today, its group chief executive officer and director Jeffrey Chew explained that most of its launches for this year have been pushed to 2H19 as the property market has been soft.

Chew noted that Berkeley Uptown, Klang, will have an estimated GDV of RM300 million, while Rumah Selangorku in Kemuning Idaman and Sejati Lakeside at Cyberjaya will see estimated GDV of RM113 million and RM130 million respectively.

In Penang, Paramount will be also launching the third phase of its Utropolis Batu Kawan project, with an estimated GDV of RM240 million.

With a remaining landbank of about 580 acres, mainly in Klang Valley, Chew said it has an estimated GDV of RM7.5 billion, which will keep the property developer busy for seven to eight years.

When asked if the developer is able to achieve its RM1 billion sales target this year, Chew expressed his confidence that it is on track.

He added that Paramount will see continued improvement in earnings for FY19 on the back of its new launches.

At noon break, shares of Paramount were unchanged at RM2.28, giving it a market capitalisation of RM988.03 million.