PETALING JAYA: Paramount Corp Bhd is expanding into the Thai property market via the purchase of a 49% stake in local firm Navarang Charoennakorn Co Ltd for 60.3 million baht (RM8.4 million).

This also marks the group’s first venture into property development outside Malaysia.

Paramount had signed a share purchase agreement with Navarang Asset Co Ltd to buy the stake on Jan 22, according to a statement issued by the group.

Under the agreement, Paramount’s wholly owned unit Paramount Global Sdn Bhd will own 49% of Navarang Charoennakorn while Navarang Asset will own the balance equity.

“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,” said Paramount group CEO Jeffrey Chew.

Navarang Asset CEO Apipu Phromyothi said Navarang Asset was happy to be working with Paramount, which has an established track record for delivering high quality products and services.

“This co-investment indicates to us that the premium high-rise residential market remains very attractive to both local and foreign buyers,” he said.

Chew also said the project is an attractive option for Malaysians who are looking at investing into properties overseas as condominiums in Bangkok have continued to show a good yield.

“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.

Navarang Charoennakorn will be launching Na Reva, a 29-storey premium condominium project, with a gross development value of 1.3 billion baht.

On Bursa Malaysia today, Paramount’s share price closed unchanged at RM1.31 with 783,900 units traded.