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Thursday, May 22, 2008

Paramount eyes India, Vietnam ventures

PROPERTY developer Paramount Corp Bhd is in talks to expand to India and Vietnam and hopes to finalise a venture within two years.

Group managing director Datuk Teo Chiang Quan said the company is studying the market in both countries.

"We won't go into places where margins are low. Currently, we are talking to few parties and will see where it goes from there," he said after the group's annual general meeting in Kuala Lumpur yesterday.

Locally, Paramount has 320ha of land with a total gross development value of RM2 billion. They are located in Kota Damansara, Petaling Jaya and Sungai Petani in Kedah.

Paramount is continuously looking to buy more land, especially in prime areas in the Klang Valley and Iskandar Malaysia.

The company's net profit fell 19 per cent to RM51.8 million last year due to slow sales from its Kemuning Utama project.

However, Teo said more than 80 per cent of the units have been sold to date and is optimistic of better sales for this year.

By New Straits Times

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