Paramount remains resilient in a challenging market
IT has been a tough couple of years for the property market, with developers seeing declines in revenue and sales.
But the gloomy environment has not deterred Paramount Corp Bhd, which is looking to repeat the record RM1bil sales it hit in 2018. Interestingly, among the property development companies, Paramount’s share price has done quite well, increasing more than 50% over the last three years.
Over that same period, property developers such as SP Setia Bhd fell 14%, Mah Sing Group Bhd declined by 26.3%, UEM Sunrise Bhd fell 25%, Eastern and Oriental Bhd plunged 42%, while Eco World Development Group Bhd and MCT Bhd fell 34% and 48%, respectively.
In a nutshell, property developers are facing a supply glut of residential properties. According to the Valuation and Property Services Department’s (JPPH) unsold completed residential units rose to 30,115 units as at Sept 30, 2018, an increase of 48.35% from the 20,304 units a year ago. JPPH’s latest figures show that the total value of unsold units was RM19.54bil, a 56.44% rise from RM12.49bil a year ago. Should serviced apartments and small offices home offices (SoHos) be included, the overhang value will rise to 40,916 units, valued at RM27.38bil.
...
The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.
Related Stocks
| AVALAND | 0.335 |
| BKAWAN | 19.960 |
| E&O | 0.995 |
| ECOWLD | 1.450 |
| MAHSING | 1.250 |
| PARAMON | 1.060 |
| SPSETIA | 1.380 |
| UEMS | 1.020 |
Comments