Paramount sheds 7.28% on report it is holding back launches

KUALA LUMPUR (Sept 1): Paramount Corporation Bhd dipped as much as 11 sen or 7.28% to RM1.40 in morning trade today, after the developer held back the launch of its new projects amid soft market.

Paramount saw a thin volume of 50,000 shares changed hands, as at 10.49am.

The sharp falling of the share price came after digitaledge DAILY reported Paramount chief executive officer (CEO) Jeffrey Chew Sun Teong as saying the group has put its greenfield property projects on the back burner amid weak market conditions, but it will continue to roll out new phases of existing projects.

The property developer will defer the launch of its new projects in Section 13 (Petaling Jaya), Batu Kawan (Penang) and Jalan Goh Hock Huat in Klang (Selangor), but it will go ahead with its Salak Tinggi township development project.

However, the group still maintained its sales target of RM 400 million this year. Year-to-date, it has achieved new sales of RM278 million.