Paramount bids for RM2 billion property projects, targets RM600 million sales

Paramount Corp Bhd aims to achieve its RM600 million property sales target within the next three years, capitalising on existing projects and RM2 billion worth of bids, its chief said.

Group chief executive officer Jeffrey Chew Sun Teong said Paramount had six on-going projects. Chew said the developer had a tender book of some RM2 billion, which includes a bid under the Employees Provident Fund’s Kwasa Damansara project in Sungai Buloh, Selangor.

"We hope to achieve RM600 million of property sales within the next two to three years. This will be achieved as four of Paramount’s property projects will come on board in the coming years," Chew told reporters after Paramount’s annual general meeting in Shah Alam today.

According to notes accompanying Paramount’s latest financials, the company had achieved new property sales of RM157 million in the first quarter ended March 31, 2015 (1QFY15).

The company said the new sales would boost "lock-in sales brought forward".

Chew also said Paramount expected to register in FY15 some RM400 million of unbilled property sales from FY14.

"We are aiming for double-digit growth for both our property and education divisions," he said.

Paramount’s education arm owns and runs the KDU University College besides the Sekolah Sri KDU primary and secondary school.

At 12.30pm, Paramount shares settled flat at RM1.85 for a market value of RM781.2 million. The stock saw 703,400 shares done.

Paramount shares had risen 20% this year, outperforming the FBM KLCI’s 1% decline. Paramount’s shares price compares with its latest net assets per share of RM2.07.