KUALA LUMPUR: Paramount Corp Bhd plans to launch RM1.3 billion worth of properties in the financial year ending Dec 31, 2022 (FY22), a 48% increase from last year.
The group is banking on the economic recovery as Malaysia enters the endemic stage. Group chief executive officer Jeffrey Chew Sun Teong said Paramount also targeted higher property sales of RMlbil in FY22.
“Our property prices range from over RM300,000 to the high-end. We are targeting a big portion of the M40 and T20 groups as well,” he said at a briefing on the group’s financial performance for FY21 yesterday.
Of the RM1.3bil property launches planned, 32% or RM408mil would be at the group’s existing projects in Sungai Petani, Kedah, Penang as well as Sepang, Selangor. The group has also outlined property launches worth RM872mil for its new developments in Shah Alam, Cyberjaya and Petaling Jaya. Chew said that for FY21, Paramount’s unbilled sales stood at RMl.lbil, which is expected to help with its cashflow, moving forward.
On its digital banking, the group plans to allocate RMlOOmil over the next five years for digital space. Paramount had on June 30,2021 announced that it has applied to Bank Negara for a digital banking licence as the lead applicant of a consortium.In a media briefing last month, Bank Negara governor Tan Sri Nor Shamsiah Mohd Yunus said the central bank would announce the winners of digital bank licences in March and that the central bank was at an advanced stage of assessing the applications and would announce the winners during the publication of its annual report. — Bernama
As published: The Star
- Paramount plans RM1.3bil property launches in FY22