New partnership (L-to-R) _Onkarit Phromyothi, Apipu Phromyothi, Jeffrey Chew and Beh Chun Chong
BANGKOK, 5 February 2020: Paramount Corporation Berhad (Paramount) has moved into Thai property development with the purchase of 49% equity in a Bangkok based property development company.
Paramount Group Chief Executive Officer Jeffrey Chew said Paramount had, on 22 January, signed a share purchase agreement with Navarang Asset Company Limited (Navarang Asset) to acquire 49% equity in Navarang Charoennakorn Company Limited (Navarang Charoennakorn) for THB 60,270,000 (equivalent to RM 8,437,800).
A ceremony was held in Bangkok today to formalise the business partnership. Paramount Property CEO Beh Chun Chong was also at the ceremony. Navarang Asset was represented by its CEO Apipu Phromyothi and Chief Operating Officer, Onkarit Phromyothi.
Under the agreement, Paramount Global Sdn Bhd (wholly owned by Paramount) will own 49% of Navarang Charoennakorn while Navarang Asset will own the balance 51%.
Chew said the event represents a key milestone for Paramount as it opens up a new horizon for Paramount.
“This is Paramount’s first venture into property development outside Malaysia. We are glad to be in Thailand through our partner Navarang Asset, a respected developer with an excellent track record in premium residential and commercial projects.’’ Chew said Navarang Charoennakorn would launch Na Reva, a 29-storey premium condominium project, with a GDV of THB 1.3 billion (about RM 172 million) on the banks of Chao Phraya River, on 13 February.
“We expect Na Reva to appeal to both Thai residents and international buyers as it will be one of the new launches in the area (Charoennakhon) offering a good view of the Chao Phraya River. Charoennakhon is a new residential zone adjacent to Bangkok’s central business district. Another project in the area was sold out within a month. Chew said the project was an attractive option for Malaysians who are looking at investing into properties overseas as condominiums in Bangkok have continued to show a good yield.
“With Paramount as a stakeholder in this project, we expect Malaysian investors to have greater confidence in considering this option,” he said. Apipu said Navarang Asset was happy to be working with Paramount, a public-listed company in Malaysia, with an established track record for delivering high quality products and services.
“This co-investment indicates to us that the premium high-rise residential market remains very attractive to both local and foreign buyers,” said Apipu. Na Reva at Charoennakhon will feature 253 units of different layouts and sizes.
Landmarks in the vicinity include ICONSIAM, one of the largest shopping malls in Asia that just opened in November 2018, and Asiatique, the open-air mall complex that used to be the former docks of the East Asiatic Company. The Avani Riverside Bangkok Hotel is diagonally across.