PETALING JAYA, 23 May 2025: Paramount Corporation Berhad (Paramount) posted a profit before tax (PBT) of RM22.6 million (1Q2024: RM17.0 million) for the first quarter of 2025 supported by revenue of RM217.8 million (1Q2024: RM172.6 million). Profit attributable to shareholders rose by 87% to RM14.4 million (1Q2024: RM7.7 million).
The property segment remains the Group’s primary revenue driver, contributing RM205.9 million in 1Q2025, a 27% increase from the RM161.8 million recorded in 1Q2024. The three biggest contributors were The Atera, a transit oriented mixed development in Petaling Jaya; Utropolis Batu Kawan, a mixed development in Penang; and Paramount Palmera Industrial Park, also in Penang.
Correspondingly, PBT for the property segment was 40% higher at RM32.2 million (1Q2024: RM23.0 million) underpinned by higher revenue.
Boosted by broader product offerings available for sale after a record RM2.4 billion launches in 2024, property sales more than doubled to RM230 million in 1Q2025, from a low base of RM101 million the year before that was impacted by deferred launches.
The top contributors in 1Q2025 sales were The Ashwood at U-Thant in Kuala Lumpur, followed by The Atera in Petaling Jaya, which is also Paramount’s largest on-going project, and Paramount Embun Hills, a new development next to the Bukit Mertajam Forest Park.
Paramount Group CEO Jeffrey Chew said he was pleased with the sales momentum to date, noting that The Ashwood at U-Thant, Kuala Lumpur, had reached 90% sales as of mid-May 2025.
“Meanwhile, The Atera, which is Paramount’s largest on-going project, is doing well with Phase 1 achieving 91% sales as of mid-May. In response to steady demand, we have launched Lumeo, the second phase.”
“In Bukit Mertajam, The Shoppes at Paramount Embun Hills, comprising 30 units of shop offices, were fully booked within an hour of its launch in January 2025. We believe its strong value proposition as a vibrant lifestyle hub by the hills and its strategic location along Jalan Kulim, contributed to the overwhelming response.”
Paramount had launched RM62.4 million worth of properties in 1Q2025 (including Paramount Embun Hills) as part of its planned RM1.4 billion pipeline for the entire year.
“We look forward to a strong response when we launch Phase 1 of its residential component in the middle of the year, with its cluster and double storey terrace homes. Paramount Embun Hills is a strata development, gated and guarded, and has been master-planned for GreenRE certification.”
Chew added that Paramount Property’s sustained success as the people’s developer was due to its ability to consistently deliver strong value propositions.
“At Utropolis Batu Kawan, Penang, we offered yet another compelling value proposition with the launch of Seiras Residences in May 2025, the fifth phase of our high-rise residential homes, featuring dual- and triple-key layouts.”
“Seiras Residences’ triple-key layout offers three self-contained living spaces, each with a private balcony and en-suite bathroom, ideal for homeowners seeking both privacy and rental income. This unique co-living concept is the first in the northern region of the peninsula,” he said.
Chew said the Group will continue to navigate the dynamic landscape with financial discipline, driving sales growth while improving operational efficiencies. It will strive to meet its 2025 sales target of RM1.5 billion along with on-going projects contributing to the Group financial performance for the financial year ending 31 December 2025.
The Group’s unbilled sales (RM1.6 billion as at 31 March 2025) will provide near-term visibility on the Group’s cashflow though the conversion into billings will largely depend on work progress.
Coworking
The 1Q2025 coworking segment’s revenue of RM6.6 million was 75% higher year-on-year (1Q2024: RM3.8 million). Despite the higher revenue, the coworking segment maintained a loss before tax (LBT) of RM0.5 million in 1Q2025, unchanged from the previous year.
The loss was largely due to rental costs incurred for the NU Sentral space — the business’s eighth coworking outlet — during its pre-opening renovation phase, as the space only commenced operations in May 2025. The segment also saw an increase in headcount at Scalable Malaysia, its design and build business that has been growing.
Chew said he was optimistic about the newly opened coworking space at NU Sentral Shopping Centre, noting its strategic location adjacent to the KL Sentral transportation hub that offers seamless connectivity via the rail network to different parts of the city and country, and the KLIA Express to the airport.
He added that Co-labs Coworking is expanding beyond Klang Valley, with its first Johor location set to open by end 2025, capitalising on the rising demand for flexible workspaces in Malaysia.
Investment & Others
Chew said, “Riding on the culinary acclaim of its two MICHELIN Stars fine dining restaurant Dewakan, Paramount opened Bidou, a French restaurant in Bukit Damansara, Kuala Lumpur, offering a more accessible yet high quality and refined dining experience.”