"We have started earthworks on the 515-acre site which was acquired in 2007. The project will take between eight to 10 years," he told reporters after the company's annual general meeting (AGM) in Shah Alam today.
"The project, to be launched in 2010, will have 96 per cent residential and four per cent commercial properties," he added.
Ong said about 5,000 units of semi-detached homes, bungalows and low rise apartments are expected to be built at Banyan Hills.
According to Ong, another of the company's projects, the Surian Industrial Park in Kota Damansara comprising 38 units of two-storey semi-detached industrial units, is expected to be fully sold by year-end.
He said the company is expecting a GDV of RM120 million from the Surian Industrial Park, which is designed for businesses like corporate offices, showrooms, warehouses, light and clean manufacturing activities as well as small and medium enterprises (SMEs).
Paramount has also acquired a five-acre land in Section 13, Petaling Jaya, to build a high rise commercial tower and is awaiting approval from the authorites.
The company's property development segment registered a 36 per cent increase in revenue for the financial year ended December 31, 2008, to RM233.7 million, compared with RM171.9 million in the same period of 2007.
On its performance for this year, Ong said the company is expecting a marginal drop in profit and revenue due to the gloomy global economic outlook and weak consumer sentiment.
"We are, however, optimistic that affordable housing and educational needs will continue to grow and will do our best to respond to these needs," he added.
For the financial year ended December 31, 2008, the company recorded a lower pre-tax profit of RM60 million, down by 12.2 per cent compared with RM68.3 million in 2007.
However, revenue rose to RM398.8 million, an increase of 32.9 per cent from RM300.1 million in the previous year.
By Bernama
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