PARAMOUNT Corporation Bhd has moved into Thai property development with the purchase of 49% equity in a Bangkok-based property development company.
Its group CEO Jeffrey Chew said Paramount had, on Jan 22, signed a share purchase agreement with Navarang Asset Company Ltd to acquire the stake in Navarang Charoennakorn Company Ltd for 60.27 million Thai baht (RM8.44 mil).
Under the agreement, Paramount Global Sdn Bhd (wholly owned by Paramount) will own 49% of Navarang Charoennakorn while Navarang Asset has the remaining 51%.
“This is Paramount’s first venture into property development outside Malaysia. We are glad to be in Thailand through our partner Navarang Asset, a respected developer with an excellent track record in premium residential and commercial projects,’’ Chew said.
He added that Navarang Charoennakorn will launch Na Reva, a 29-storey premium condominium project,with a gross development value (GDV) of 1.3 billion Thai baht (RM172 mil) on the banks of Chao Phraya River, on Feb 13.
“We expect Na Reva to appeal to both Thai residents and international buyers as it will be one of the new launches in the area offering a good view of the Chao Phraya River. Charoennakhon is a new residential zone adjacent to Bangkok’s central business district. Another project in the area was sold out within a month,” he said.
Chew said the project was an attractive option for Malaysians who are looking at investing in properties overseas as condominiums in Bangkok have continued to show a good yield.
“With Paramount as a stakeholder in this project, we expect Malaysian investors to have greater confidence in considering this option,” he said.
Na Reva at Charoennakhon will feature 253 units of different layouts and sizes. Landmarks in the vicinity include Iconsiam, one of the largest shopping malls in Asia that opened in November 2018, and Asiatique, the open-air mall complex that used to be the former docks of the East Asiatic Company. The Avani Riverside Bangkok Hotel is diagonally across. – Feb 5, 2020