Paramount Corp Eyes RM400 Million Property Sales in FY15

PETALING JAYA, June 3 (Bernama) — Property and education group, Paramount Corp Bhd targets to achieve RM400 million sales from its property division in the financial year ending Dec 31, 2015 (FY15).

Last year, property sales amounted close to RM317 million.

Group chief executive officer Chew Sun Teong said the company was confident of achieving the target on the back of continuing demand from buyers.

"We have been very much on track as the sales numbers in the first quarter (Q1) of this year have already reached RM150 million due to the Goods and Services Tax (GST) implementation on April 1.

"Some buyers are buying properties before the GST implementation as they are concern of the hike in prices after GST," he told reporters after the company’s annual general meeting here Wednesday.

"We have five new development projects which are expected to be launched by 2016," he said.

To date, he said Paramount has about 364.2 hectares of landbank with an estimated gross development value of RM9 billion.

"We will maintain our property development plan of 70 per cent mixed development while the remaining 30 per cent consists of landed townships," he said.

Paramount’s pre-tax profit rose to RM33.59 million in Q1 FY15 from RM23.82 million in Q1 FY14, while revenue surged 67 per cent to RM164.99 million from RM98.78 million previously.