Parkwood Developments
What we found
Utamara Boutique Residences, an 82-unit low-density development on Jalan Melati, PJU6A, Petaling Jaya, and Parkwood's maiden residential project, was completed in September 2023 and achieved full take-up; completion is recorded, but no contractual delivery date is stated, so timeliness against the sale and purchase agreement cannot be assessed from it.
The evidence
Delivery
NegativeParkwood found its momentum interrupted by the Covid-19 pandemic, which slowed construction activity, delayed approvals and lengthened the development process; the company deliberately chose caution over expansion and concentrated on completing Utamara while conserving resources rather than pressing ahead with new launches.
One more finding
Utamara Boutique Residences, Parkwood's first residential project, was completed in September 2023.
Corporate continuity
Amalgamated Industrial Steel Bhd changed its name to Parkwood Holdings Bhd effective 18 Feb 2021, marking its move from steel to property; Parkwood's property projects include Utamara Boutique Residences.
2 more findings
Parkwood Holdings Bhd, formerly Amalgamated Industrial Steel Bhd, acquired the Parkwood property business from LGB Holdings Sdn Bhd and CS Lim Holdings Sdn Bhd in 2017, and LGB Holdings remains an indirect substantial shareholder through Telaxis Sdn Bhd.
AISB bought Parkwood from LGB Holdings Sdn Bhd and CS Lim Holdings Sdn Bhd in 2017, and LGB Holdings holds an indirect substantial stake in the listed parent through Telaxis Sdn Bhd.
Independent recognition
PositiveUtamara Boutique Residences received the FIABCI Malaysia Property Award, the MLAA Landscape Design Award and a PAM Award; the awarding bodies are independent industry bodies, and the award years or categories are not stated.
One more finding
Utamara Boutique Residences won the Gold award in the Multiple Residential Low Rise category at the PAM Awards, organised by Pertubuhan Akitek Malaysia.
