KUALA LUMPUR (Sept 8): Paramount Corp Bhd (KL:PARAMON) is maintaining its RM1.2 billion property sales target for the financial year ending Dec 31, 2026 (FY2026), with the group banking on its upcoming Ashbourne launch in Kuala Lumpur to drive sales in the second half of the year.
The group had initially expected to fall short of its sales target due to limited inventory and slower new launch activity in the first half.
However, the acquisition of the 3.7-acre freehold site for The Ashbourne from IOI Properties Group Bhd (KL:IOIPG) in March this year allowed Paramount to replenish its launch pipeline quickly and retain its RM1.2 billion target.
Paramount group chief executive officer Jeffrey Chew Sun Teong said the 458-unit premium serviced apartment project, with an estimated gross development value (GDV) of RM1.1 billion, could provide a meaningful boost to second-half sales.
“In April and May, based on inventory, we will not meet the RM1.2 billion [sales target]. But because we did the [land] acquisition of the Ashbourne project and could launch it very quickly, we decided not to change the sales target,” Chew said during a post-results briefing on Tuesday.
Chew said the Ashbourne project could provide a meaningful boost to second-half sales given the project’s RM1.1 billion GDV.
“Because the GDV for Ashbourne is RM1.1 billion. So even if you sell 10%, it’s like RM110 million, or RM100 million-plus. So given that, we will still try to keep it (property sales target),” he said.
Ashbourne, located in Kuala Lumpur’s U-Thant enclave, is targeted for launch in November. Paramount acquired the 3.7-acre freehold site from IOI Properties for RM257.9 million.
Paramount secured RM413 million in property sales in the first half of FY2026, down 21% from a year earlier, amid slower new launch activity. The group launched only RM152 million in property GDV during the period but is targeting RM1.7 billion in new launches for the full year.
Most of these launches are scheduled for the fourth quarter, beginning with Ashbourne, followed by the first phase of the Sejati by the Lake double-storey terrace housing project in Section U9, Shah Alam, with an estimated GDV of RM200 million, targeted for December.
The remaining launches are expected to come from Bukit Banyan in Kedah and Embun Hill in Bukit Mertajam, Penang.
In FY2025, Paramount recorded RM1.03 billion in property sales, supported by RM808 million worth of new launches.