PERSEVERANCE certainly pays off handsomely for Paramount Corp Bhd when it stayed the course, and faced the challenges that came its way in its attempt to venture into the lucrative Klang Valley property market.
The 524-acre freehold land in Shah Alam it was bidding to buy from former landowner, Kumpulan Guthrie Bhd, was worth the three-year wait going by the success it had achieved since the launch of Kemuning Utama in October last year.
Developed by wholly-owned unit, Paramount Property Development Sdn Bhd, sales of more than RM600mil have been achieved from the RM1.3bil development to-date.
Paramount group managing director and group chief executive officer Datuk Teo Chiang Quan knows what it takes to join the ranks of the country's other leading developers establish a presence in the Klang Valley market.
The Klang Valley is still the most robust property market, and offers the best potential going forward. Having carved a name for ourselves up north with the award-winning Bandar Laguna Merbok, it is only natural that we want to establish a presence in the countrys most active market, he said.
While there are concerns of an overbuilt property market, he is confident a developer that knows the market needs and trends well, would be able to hold its ground and emerge stronger in the face of competition.
There are still many opportunities, and the most important thing is to have projects in the right location, and the right product offerings for the buyers. In our growth pursuits, we will perform to the best of our ability to repeat our earlier successes, Teo added.
Located in the rapidly growing Shah Alam corridor, Paramounts maiden Klang Valley development, Kemuning Utama, aims to fill the gap of those looking for more affordable homes within a well-planned environment.
We are positioning the project based on superb product quality, design layout and pricing. By pricing the properties affordably, there is potential for the buyers to reap some good capital appreciation.
The strong take-up rate has also benefited the company as we now have the resources to pare down our borrowings. Besides, we are also getting decent margins from this development, Teo said.
Kemuning Utama with its 6,200 homes, will yield a total gross development value (GDV) of RM1.3bil upon its completion in the next six to eight years. Another 338 acres comprising 4,700 units are available for development.
The land, purchased in 2003, is separated by the Kesas Highway with 186 acres to the east, and 338 acres to the west.
Properties in the Eastern precinct were the first to be launched late last year and the precinct would feature more than 1,500 housing units with GDV of RM660mil.
So far, 1,464 houses that are targeted at the home upgraders market have been launched, of which 98% have been sold. The houses comprising double-storey link terraces, semi-detached and link semi-detached units have price tags of RM303,000 to RM743,000.
We are targeting buyers who are looking to move into a more prestigious environment from the Petaling Jaya and Shah Alam neighbourhoods.
We feel blessed because customers in the Klang Valley also recognise Paramount as a reliable and quality builder, even though our track record was established in Sungei Petani, Teo added.
Houses on the 338-acre Western precinct will be launched from the first quarter of 2006. Priced from RM200,000 to RM400,000, they will be mainly targeted at first-time house buyers.
According to Paramount Property Development Sdn Bhd managing director Ong Keng Siew, the company has undertaken the necessary research before launching the project and sees the need to build functional and spacious homes for Klang Valley folks. All the houses come with generous built-up areas and are column-free.
Ong said Kemuning Utama was an innovative township where lifestyle, quality and value came together.
It combines a lifestyle of prestige and privacy, quality homes and unrivalled value. The homes are built according to their design types in dedicated residential neighbourhoods, each with its own parks, wide landscaped roads and pedestrian-safe walkways, he said.
The gated community is protected by security personnel, who man the four guard checkpoints, and conduct regular patrols. Residents have to pay monthly charges of between RM30 and RM50 for the comfort of security.
Lined along no-through roads (cul-de-sac) and designed to avoid facing T-junctions, the homes are oriented in a north-south configuration to reduce the evening glare.
The cul-de-sacs that open to lush greenery and landscaped parks with fountains provide respite from the heavy traffic in some neighbourhoods.
Facilities in the parks include reflexology, cycling and jogging paths, game courts, exercise stations, gazebos and childrens playgrounds.
The 50-ft-wide roads and underground utilities add to the aesthetic appeal of the streetscape.