Paramount to launch property projects with GDV of RM1.1bil

KUALA LUMPUR: Paramount Corp Bhd targets to launch properties with an estimated gross development value (GDV) of RM1.1bil in the remaining nine months of 2023.

“The Group's unbilled sales of RM1.4bil as at March will provide some visibility on the group's cashflow in the near term. However, the pace at which this can be converted into billings would depend largely on the construction progress of projects,” the developer said in a Bursa filing.

As at March 31, Paramount’s undeveloped land stood at 525.8 acres.

On its coworking division, Paramount said Co-labs Coworking will focus on improving its occupancy rate and explore expansion opportunities, while Scalable Malaysia will continue to leverage Paramount Property’s expertise to design and build more workspaces for its growing customer base.

“Despite the challenging global economic environment, the group is cautiously optimistic of its prospects for the financial year 2023 underpinned by domestic economic growth.

“Apart from optimising the group's operations on an on-going basis, the group will remain prudent and agile to navigate through this rapidly changing environment,” Paramount said.

The developer’s net profit more than doubled to RM11.6mil in the first quarter ended March 31 from RM5.02mil a year ago.

Revenue rose 15.7% to RM194.5mil against RM168.1mil last year while earnings per share rose o 1.86 sen from 0.81 sen previously.

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Paramount , GDV , coworking


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