Paramount Corp Bhd CEO Jeffrey Chew
KUALA LUMPUR: Paramount Corp Bhd targets to launch seven projects (including new phases of existing projects) in 2024 with a projected gross development value (GDV) of RM2.4bil, of which RM81mil was launched in the first quarter of 2024.
“Response is encouraging from the recently launched The Ashwood in May 2024, a luxury high rise residential development at the prestigious U-Thant enclave in Kuala Lumpur.
“With an expected GDV of RM781mil and our largest launch of the year, The Ashwood offers 354 units of condominiums, duplexes, and low-rise villas on 3.59 acres of freehold land,” group chief executive officer Jeffrey Chew said in a statement.
Together with The Ashwood launch, Paramount expects to launch a total GDV of RM1.6bil by the first half of 2024.
“We are optimistic that the good sales traction will continue as these new launches are within our existing project locations, all of which have recorded commendable take-up rate,” Chew said.
The group’s unbilled sales as at March 31 stood at RM1.2bil, and will provide some visibility on the group’s cashflow in the near term.
In the first quarter ended March 31, Paramount posted a lower net profit of RM7.7mil, or earnings per share of 1.24 sen compared with RM11.6mil, or 1.86 sen in the same corresponding period last year.
Revenue fell 11.3% to rm172.6mil against RM194.5mil a year ago.
Paramount said the lower financial performance recorded in the first quarter of the year as compared to the same period last year was mainly due to lower work progress and sales achieved by the property division.
“The lower progress was aggravated by the festive holidays that were followed closely by the start of the fasting month in the first quarter while the lower sales was in line with fewer properties available for sale partly due to the deferment in launches and delays in obtaining approvals from the authorities,” it said.
