Story by Caleb Yeoh
Pix by Alissala Thian
PROPERTY developer and parent company of KDU Penang, Paramount Corp, signed an agreement with Penang Development Corporation to acquire 30 acres of land in Batu Kawan to develop a “university city” at Penang’s up and coming new township.
The 30 acres was handed over to Paramount for RM65.55 million and will be developed by the company’s development arm, Paramount Property.
The site will anchor an all new purpose-built campus under the KDU name.
In the agreement, Paramount will finish development of the “university city” within five years and the other integrated development within the 30 acres will be completed within 10 years.
In his opening address, Paramount Corp executive director Datuk Teo Chiang Qian explained the importance of this acquisition for the company.
“This is an important acquisition for Paramount. For the first time, we are now able to bring together the synergies of our two businesses, Paramount Property and the KDU Education Group, to one location in the northern part of Peninsular Malaysia, where we have had a strong presence over the past 30 years,” Teo said.
He added that this development directly relates to the company’s ethos of always contributing towards the development of human capital by creating opportunities for young Malaysians to get a high-value and quality education in sectors relevant to the development of the state and country.
Also present at the signing was Chief Minister Lim Guan Eng who said that this development would contribute greatly to the overall development of Batu Kawan.