PARAMOUNT PLANS MORE PROJECTS IN KEDAH, PENANG
Group aiming for consistent and sustainable long-term growth
PARAMOUNT Corp has reinforced its commitment in property developments in the north of Peninsular Malaysia following the opening of Wisma Paramount, the first green building in Kedah.
Group chief executive officer Jeffrey Chew said the guesthouse, which is also the company’s real estate gallery, is a benchmark for Paramount to develop more properties in Kedah and Penang.
He said Wisma Paramount, located in Bukit Banyan, is part of the group’s mixed development that has a gross development value (GDV) of RM1.1 billion.
“Three phases with GDV worth RM624 million were launched in 2012 and we still have more phases to develop until 2025.
“Along with our strengthened presence the north, it is also part of the group’s commitment to give something to the community there.
“The initiative has also pushed the group to explore other property projects in Penang, like the Paramount Utropolis in Batu Kawan – the first university city in the state.
“This model follows the success of Paramount Utropolis Glenmarie inShah Alam that has a GDV of RM2 billion,” Chew said in a statement yesterday.
Bukit Banyan is Paramount’s third municipal property project in Kedah after Taman Patani Jaya and Bandar Laguna Merbok.
As for the Paramount Utropolis Batu Kawan, Chew said the mixed development covers a 17.9ha area and will house Kolej Universiti KDU Penang, an institution of higher learning.
He said the project, which began in 2015, is expected to be fully completed this year.
“The Paramount Utropolis Batu Kawan has supported the state’s efforts to make Batu Kawan the third satellite city and to improve the local economy.
“The group is confident of achieving success based on the strength of our strategy via Paramount Property and Paramount Education.
“Our goal is to provide consistent and sustainable growth in the long term as well as maximise value for customers, shareholders, business associates and staff,” added Chew.