Sealing the deal. (L to R) Onkarit Phromyothi, Apipu Phromyothi, Jeffrey Chew and Beh Chun Chong. Image source: www.pcb.my
Paramount Corporation Berhad is looking to expand its development activities internationally, specifically in Bangkok, Manila, and Ho Chi Minh where population is high but the country is less urbanised.
Paramount Corporation CEO Jeffrey Chew used Thailand as an example, where he stated that as compared to Malaysia’s rate of urbanisation at 80% and a population of 32 million, Thailand sits at a population of 70 million but an urbanisation rate of 55%.
He stated in a media briefing that urbanisation has a strong impact on the property business, hence their choice of countries. He also stated that, "We also don't want to go to countries such as the UK where we would be a late kid in the block, so we want to be in places we can be an early player.”
Paramount launched their first Thailand development in February 2020, upon acquiring a 49% stake in a Bangkok based property development company for THB60.27 million, which translates to about RM8.44 million.
Their maiden project in Thailand has been coined Na Reva, and will comprise a condominium of about 200 units. The homes will be housed within a single tower in the Charoen Nakorn area of Bangkok. According to Chew, about 10% of the units have been taken up as of March 2020.
Going forward, Paramount aims to increase their revenue contribution from their international segment to 10% by year 2024.
Present during the media briefing were also Paramount Property CEO Beh Chun Chong, Paramount Corporation Chief Financial Officer Foong Poh Seng, Executive Director Benjamin Teo and Paramount Education CEO Datin Teh Geok Lian.
(9 March 2020)
