by FARA AISYAH
PARAMOUNT Corp Bhd has ventured into Thailand’s real estate market with the purchase of a 49% equity stake in Bangkok-based Navarang Charoennakorn Co Ltd for 60.27 million baht or RM8.44 million.
Under the deal, Paramount’s subsidiary, Paramount Global Sdn Bhd, will own 49% of Navarang Charoennakorn while Navarang Asset Co Ltd will own the balance 51%.
Paramount group CEO Jeffrey Chew said the deal is a key milestone which opens up a new horizon for the company.
“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,’’ he said yesterday.
Navarang Charoennakorn intends to launch Na Reva, a 29storey premium condominium project with a gross development value of 1.3 billion baht on the banks of Chao Phraya River next week.
“We expect Na Reva to appeal to both Thais and international buyers as it will be one of the new launches in the area (Charoennakhon) 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,” Chew said.
Paramount is venturing into property development overseas after divesting its education business.
Last month, the group received the Education Ministry’s approval to proceed with the sale of its controlling equity interest in its pretertiary education business to Prestigion Education Sdn Bhd.
The transaction unlocks significant value and paves the way for Paramount to focus its resources on growing its core property business.
Paramount also has a minority stake in the tertiary education business, including a 35% stake in UOW Malaysia KDU, after divesting its controlling equity stake to the University of Wollongong, an Australian public research university with a global network of campuses, in September 2019.