Sinaran Residences @ Utropolis, Batu Kawan

Paramount Corp Bhd will launch seven projects (including new phases of existing projects) in 2024 with a projected gross domestic product (GDV) of RM2.4bil at its existing project locations in Penang, Kedah and the Klang Valley.

The three largest launches (in GDV) for the financial year ending Dec 31, 2024 (FY24) are The Ashwood (high rise condominiums, duplexes, and low-rise villas at the prestigious U-Thant enclave in Kuala Lumpur), Phase 2 of The Atera and a new phase of high rise residential development with commercial components at Utropolis Batu Kawan, Penang.

“The group’s unbilled sales as at Dec 31, 2023 stood at RM1.4bil, and would provide some visibility on the group’s cashflow in the near term,” the developer said in a statement.

Paramount’s net profit jumped 49.3% to RM28.2mil in the fourth quarter ended Dec 31 compared with RM18.9mil a year ago.

Revenue for the period rose 26% to RM309.4mil versus RM245.2mil last year while earnings per share climbed to 4.53 sen against 3.04 sen previously.

For FY23, Paramount posted a 38% jump in net profit to RM82.8mil on revenue of RM1.01bil.

Paramount declared a second interim dividend of 4.0 sen for FY23, which would be paid on March 27 to shareholders who are in the record of depositors on March 13.

Group chief executive officer Jeffrey Chew said Paramount achieved double-digit growth in revenue and pre-tax profit for the third year.

“We also touched RM1bil in revenue for the first time. It was also our second consecutive year of achieving sales above RM1bil.”

“Our property division achieved RM1.1bil sales despite a 27% lower launched GDV of RM886mil. The encouraging property sales achieved will contribute positively to the group’s revenue as construction of these properties progresses,” Chew said.

“The top three contributors to FY23 sales were Sejati Lakeside 2 and The Atera developments in Selangor, and Utropolis Batu Kawan development in Penang,” he added.

Chew said the unchanged overnight policy rate at 3.0% coupled with the expected expansion of the Malaysian economy and improving labour market boded well for the property market in 2024.

Source: TheStar.com.my

The Cabinet has approved the expansion of the Penang International Airport (PIA) which is estimated to cost RM1bil, says Anthony Loke.

The Transport Minister said the green light was received during a Cabinet meeting last week.

He added that Malaysia Airports Holdings Bhd (MAHB) would be in charge of the tender process and financing of the project.

“The actual figures (of the project) will only be determined once the tender is completed,” he told the media after launching Routes Asia, hosted by MAHB and Tourism Malaysia, according to Guang Ming Daily.

Prime Minister Datuk Seri Anwar Ibrahim had earlier said the Federal Government would look in expediting the PIA expansion project in Penang.

He said with Penang becoming a top world destination, there was an urgent need to speed up the project in Bayan Lepas.

The expansion of PIA would increase the terminal’s annual handling capacity from 6.5 million passengers to 12 million.

Source: TheStar.com.my

Casa Tiara, an affordable housing development by Wisma Dayamas Sdn. Bhd. in Teluk Kumbar. Located off Cangkat Bukit Belah 2, diagonally opposite D’ Starlingtton condominium by the same company. It is just a stone’s throw away from the upcoming Penang Silicon Island, about 5 minutes drive to Penang International Airport.

This development features a 25-storey apartment tower, offering a total of 115 low-cost units and 115 low-medium cost units. Additionally, it includes a three-level car parking podium for residents’ convenience. At the ground level, there will be 14 units of shop offices.

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

Project Name : Casa Tiara
Location : Teluk Kumbar
Property Type : Affordable housing
Land Tenure: Freehold
Total Units: 230
Built-up Size: 650 sq.ft. & 700 sq.ft.
Indicative Price: RM42,000 onwards
Developer : Wisma Dayamas Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

About Cecil Residensi

An affordable housing development by Penang Development Corporation (PDC) at George Town. Strategically located between Tun Dr. Lim Chong Eu Expressway and Pintasan Cecil, surrounded by an abundance of amenities which include markets, schools, and eateries. It is only 10 minutes drive to Penang Bridge. This development features a 24-storey residential building, offering 348 low-medium cost units.

Find out more about Cecil Residensi