Paramount Corp Eyes RM1.5 Bln Property Sales In 2025
KUALA LUMPUR, March 4 (Bernama) -- Paramount Corporation Bhd is targeting RM1.5 billion in property sales in 2025 against last year’s RM1.389 billion, supported by launches of RM1.4 billion gross development value (GDV) across eight projects.
This includes new phases of existing projects, and RM1.8 billion worth of properties that have been launched or completed.
Its group chief executive officer Jeffrey Chew Sun Teong said the construction progress in projects with GDV totalling RM3.7 billion as of Dec 31, 2024 will continue to contribute positively to the group's financial performance.
"The group's record high unbilled sales of RM1.6 billion as at Dec 31, 2024 will provide near-term visibility on the group's cashflow. However, its conversion to billings depends largely on the projects' work progress," he told a media briefing on the company's financial year ended Dec 31, 2024 (FY2024) here today.
For the current financial year ending Dec 31, 2025, he said the group's upcoming launches will focus on residential products, with 62 per cent of the launches located in the central region and the remaining 38 per cent in the northern region.
As at the end of last year, Teong said the group's undeveloped land totalled 149.49 hectares, with the addition of a sales and purchase agreement signed on Dec 12, 2024, to acquire 1.82 ha of leasehold land with residential development in the U-Thant enclave within the vicinity of its on-going The Ashwood project.
He said the proposed acquisition is expected to be completed in the first half of 2025. It will be developed into high-end residential units over five years with a projected GDV of not less than RM300 million.
He said the group is optimistic about the FY2025 prospects but will remain cautious navigating the challenging global environment.
Its financial performance will be enhanced if dividends are declared by its investment in EcoWorld International EWI.
-- BERNAMA