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Paramount acquires 295-acre Kulim land for RM128.7mil, plans RM946mil GDV project
Paramount acquires 295-acre Kulim land for RM128.7mil, plans RM946mil GDV project

The Star

time08-08-2025

  • Business
  • The Star

Paramount acquires 295-acre Kulim land for RM128.7mil, plans RM946mil GDV project

KUALA LUMPUR: Paramount Corp Bhd is acquiring four contiguous parcels of freehold land totalling 295.55 acres in Bandar Lunas, Kulim, Kedah, in a strategic move to replenish its landbank in areas with strong growth potential and where it already has a strong presence. In a statement, Paramount said its wholly owned subsidiary, Paramount Property (Seaview) Sdn Bhd, has entered into a sale and purchase agreement with Golden Bluechip Sdn Bhd, a local company involved in palm oil trading and property development, to acquire 295.55 acres of freehold land for RM128.74mil cash. The purchase will be financed through a combination of internally generated funds and bank borrowings. The proposed development, slated for launch in 2027, has an estimated gross development value (GDV) of RM946mil over seven years. This will boost Paramount's total GDV portfolio, currently at RM5.49bil, and is expected to contribute positively to its future earnings. 'With Kulim's prominence, infrastructure connectivity and investment inflows, this acquisition is in line with our strategy of replenishing landbank in strategic locations with strong growth potential. 'The increasing concentration of industries and workers in Kulim Hi-Tech Park (KHTP) in Kedah is expected to accelerate population growth and spur parallel demand for quality housing and commercial offerings in nearby Bandar Lunas. This makes a compelling choice for our next integrated township,' Group CEO Jeffrey Chew said. Paramount said the site is located about 12 kilometres north of Kulim town centre and roughly four kilometres north of Phase 4A of the KHTP in Kedah, one of Malaysia's most successful and strategic industrial parks. The proposed development on the acquired site is envisioned as a new township comprising a mix of residential and commercial properties as well as industrial lots with recreational and other key amenities, aimed at serving the needs of the growing local population and expanding workforce in the area.

Paramount buys Penang land for RM57.8mil, plans RM744mil GDV project
Paramount buys Penang land for RM57.8mil, plans RM744mil GDV project

The Star

time31-07-2025

  • Business
  • The Star

Paramount buys Penang land for RM57.8mil, plans RM744mil GDV project

Paramount Corp Bhd group chief executive officer Jeffrey Chew. PETALING JAYA: Paramount Corp Bhd is acquiring an 18.97-acre piece of freehold land in Bandar Cassia, Penang, from Penang Development Corp for RM57.841mil. In a statement, the company said the acquisition marks a key addition to its landbank to drive sustainable growth in the northern region. The company said the acquisition is expected to generate a gross development value (GDV) of RM744mil, adding on to its remaining landbank of 358.9 acres and remaining GDV of RM5.497mil. 'The proposed acquisition will be funded through a combination of internally generated funds and bank borrowings,' it said. The newly acquired land is situated in the city center of Bandar Cassia in Penang, within 600-meter radius of Utropolis Batu Kawan development, Paramount Property's award-winning development. Paramount Group chief executive officer Jeffrey Chew said the landbank replenishment is testament to its confidence in the long-term potential of this high-growth region and is expected to contribute positively to the company's long-term revenue. The proposed development comprises serviced apartments, semi-detached townhouses and shop offices. Construction is slated to commence in 2027 with completion by 2033. Once fully completed, the development will provide housing options as well as create a vibrant commercial environment that enhances liveability and economic growth in the state.

Trading ideas: FGV, Paramount ,Zetrix, United Malacaa, Jati Tinggit, Focus Point, Camaroe, Bursa, IGBREIT, Chin Teck, Dufu, DXN, Tasco
Trading ideas: FGV, Paramount ,Zetrix, United Malacaa, Jati Tinggit, Focus Point, Camaroe, Bursa, IGBREIT, Chin Teck, Dufu, DXN, Tasco

The Star

time30-07-2025

  • Business
  • The Star

Trading ideas: FGV, Paramount ,Zetrix, United Malacaa, Jati Tinggit, Focus Point, Camaroe, Bursa, IGBREIT, Chin Teck, Dufu, DXN, Tasco

KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Trading in FGV Holdings Bhd will be suspended on August 15 as the Federal Land Development Authority surpasses the 90% shareholding threshold to privatise the company. Paramount Corp Bhd plans to acquire a 28% stake in the Singapore Exchange-listed Envictus International Holdings Ltd — operator of Texas Chicken and San Francisco Coffee — for SGD38.3mn. Zetrix AI Bhd has confirmed its exit from foreign worker permit renewal services following the expiry of its contract announced in July 2023. United Malacca Bhd is acquiring the remaining 17% effective interest in its Indonesian plantation subsidiary, PT Lifere Agro Kapuas, for USD10mn to streamline regional operations. Jati Tinggi Group Bhd has secured a RM31.6mn subcontract from Pintar Gembira Sdn Bhd for 11kV underground cable works in Selangor and the South Zone. Focus Point Holdings Bhd expects a RM300,000 monthly rental cost increases due to the expanded sales and service tax covering rental. Yoong Onn Corp Bhd has incurred an estimated loss of RM30mn because of the fire that broke out at the Singapore factory and warehouse of its 60%-owned subsidiary, T.C. Homeplus Pte Ltd. Camaroe Bhd, a vertically integrated aquaculture company specialising in farming and processing black tiger prawns, has signed an underwriting agreement with M&A Securities for its upcoming IPO on the ACE Market of Bursa Malaysia. Bursa Malaysia Bhd reported a 29.07% YoY drop in 2QFY25 net profit to RM57.1mn, driven by a 22% decline in securities market revenue. IGB Real Estate Investment Trust reported a 9.5% YoY increase in net property income to RM119.9mn for 2QFY25, supported by higher rental income and a 6.8% rise in revenue to RM160.1mn. Chin Teck Plantations Bhd posted a record net profit of RM34.7mn for 3QFY25, marking a 52.8% YoY increase, driven by higher sales volumes and improved palm product prices. Dufu Technology Corp Bhd 's 2QFY25 net profit plunged 66.8% YoY to RM2.8mn, hit by RM4.6mn in forex losses and rising costs. DXN Holdings Bhd reported a 13.6% drop in 1QFY26 net profit to RM73.9mn, citing foreign exchange losses from a stronger ringgit. Tasco Bhd 's 1QFY26 net profit rose 30.7% YoY to RM9.2mn, driven by stronger contributions from its international business solutions segment.

Paramount still keen on foreign markets
Paramount still keen on foreign markets

The Star

time05-06-2025

  • Business
  • The Star

Paramount still keen on foreign markets

Paramount Corp Bhd group chief executive officer Jeffrey Chew. SHAH ALAM: Property developer Paramount Corp Bhd remains committed to overseas property investment amid market uncertainty and Eco World International Bhd 's (EWI) plans to re-enter the Malaysian property scene. In May 2024, Paramount became a major shareholder of EWI after acquiring a 21.54% stake in the international property developer for a cash consideration of RM170.61mil. Loss-making EWI focuses on international property development, mainly in Britain and Australia, but had recently announced plans to venture into the local market. Group chief executive officer Jeffrey Chew said EWI's decision to tap into the local market does not divert Paramount's objective of diversifying its earnings base and expanding property development activity overseas. 'I think our objective has always been to keep some assets outside of Malaysia. The fact that EWI has actually decided to launch in Malaysia does not mean that they are going to get rid of all the overseas projects. 'In a way, it still does meet our objective and original intonation of having assets outside of Malaysia,' he told the media during a briefing after Paramount's 55th AGM, yesterday. Chew noted that if EWI were to launch projects locally, revenue recognition would likely be faster compared to markets such as Britain or Australia. He said Paramount sees long-term value in maintaining its investment in EWI, maintaining a positive outlook over the next few years. On Paramount's broader overseas investment strategy, Chew said that the group tries to 'not put all its eggs in one basket' and continues to explore new opportunities. He acknowledged that earlier projects, including a venture in Bangkok, had underperformed due to post-pandemic market conditions. As a result, Paramount is now focusing on lower-risk, structured international investments that offer fixed returns and defined exit mechanisms. To date, Paramount has invested in six international property projects across Australia, Britain and the United States. In line with its updated investment approach, the group also revised its international profit contribution target to 20%, down from the earlier goal of 30%. He said the company was also working to improve internal performance metrics. 'We've grown our return on equity (ROE) from just over 2% a few years ago to 7.2% today, one of the highest in the domestic property sector. Our aim is to reach double-digit ROE in the next few years by improving operational efficiency, shortening development cycles and managing land acquisition more strategically,' he added. Looking ahead, Paramount remains confident in its ability to achieve its sales target of RM1.5bil, supported by the robust demand in the property market, specifically for residential property. Paramount posted a net profit of RM14.43mil or a basic earnings per share of 2.32 sen for the first quarter of this year (1Q25). This was higher from the RM7.71mil or 1.24 sen in the same quarter of the preceding year. Revenue also increased from RM172.61mil to RM217.84mil.

Paramount eyes RM1.5bil sales target for 2025
Paramount eyes RM1.5bil sales target for 2025

The Star

time23-05-2025

  • Business
  • The Star

Paramount eyes RM1.5bil sales target for 2025

PETALING JAYA: Paramount Corp Bhd remains confident in achieving a sales target of RM1.5bil in 2025 underpinned by contributions from ongoing projects. In a Bursa filing, the group noted its unbilled sales amounted to RM1.6bil as of March 31, 2025, and will provide near term visibility to cashflow. However, it pointed out that 'the conversion into billings may largely depend on the projects' work progress'. Paramount posted a net profit of RM14.43mil or earnings per share (EPS) of 2.32 sen for the first quarter ended March 31, 2025 (1Q25). This was up from RM7.71mil or EPS 1.24 sen in the same quarter of the previous year. Revenue for the period jumped by 26.2% year-on-year to RM217.84mil driven by improvement in its property segment, which posted a revenue of RM205.9mil during the quarter. The largest revenue contributors were the group's development in Selangor, The Atera, followed by Utropolis Batu Kawan and Paramount Palmera in Penang. In the quarter, Paramount's property division sold properties with a gross development value of RM230mil, 128% higher than sales of RM101mil in 1Q24, underpinned by a larger base of products available for sale. As for its coworking segment, Paramount saw the division generating a revenue of RM6.6mil in 1Q25, up some 75% y-o-y. Despite the higher revenue, the coworking segment recorded a loss before tax (LBT) of RM500,000 during the quarter, attributable to the rental cost of the NU Sentral space, which had commenced operation in 2Q25, coupled with an increase in headcount of Scalable Malaysia. Paramount's investment and others segment recorded a slightly lower revenue of RM7.3mil in 1Q25 in comparison to RM7.5mil in 1Q24. The segment also posted a higher pre tax loss of RM9.1mil, which the group said was mainly due to higher interest expense arising from the issuance of the sustainability-linked sukuk as well as new borrowings that was used to partially finance the group's investment in EcoWorld International Bhd. Paramount did not declare any dividend for the quarter ending March 31, 2025.

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