kuala lumpur: Real estate developer Paramount Corporation Bhd aims to launch projects worth between RM1 billion and RM1.5 billion in the fiscal year 2024 (FY2024).
Group CEO and Executive Director Jeffrey Chew Sun Teong (pics) said it was important for the group to launch projects worth at least RM1 billion a year in order to reach its target of reaching at least RM1 billion in annual revenue.
“We need a turnover of at least RM1 billion (annual)… It took us about 6 or 7 years to achieve that. We need growth around RM1 billion to RM2 billion, no doubt we will grow…To reach RM1.4 billion (target launch in 2023) we need more than RM1 billion in revenue (From now on.) This means that our sales launches must exceed 1 billion[annually],” he said during Paramount’s first half 2023 earnings presentation.
For the first half of 2023 ended 30 June 2023, the Group reported a net profit of RM35.7 million compared to RM14.13 million in the same period last year. In addition, the company’s revenue increased from his RM370.48 million in the same period to his RM436.11 million. The improved performance was underpinned by improvements recorded by the real estate sector.
Looking to the future of the real estate sector and riding on the strong sales momentum achieved, the Group plans to launch a property worth RM700 million in the second half of this year, centered on Ashwood in Kuala Lumpur’s prestigious Wu Thanh enclave. We are aiming. The serviced apartments next to the atrium are also operated by Paramount).
“Apart from new launches, demand for the Group’s existing products is expected to remain strong over the course of the year as the response received has been positive. The new record of RM100 million will provide some visibility into the Group’s cash flow in the near term, although the pace at which this translates into invoices will largely depend on the progress of project construction. As of June 30, the group had 486.6 acres of undeveloped land,” the group said in a filing with Bursa.
In the coworking sector, Co-labs Coworking plans to expand its operations in the second half of 2023, capitalizing on the growing demand for coworking and flexible office solutions.
“This includes the expansion of our existing Tropicana Gardens store and the opening of two new spaces in the Klang Valley. We will continue to design and build more workspaces to match the base,” he added.