Paramount buys Penang land for RM67m

GEORGE TOWN: Property developer Paramount Corp Bhd (PCB) plans to purchase a 12ha piece of land in Batu Kawan for RM67 million from the Penang Development Corporation (PDC), to be partly developed for KDU Penang.
Eight hectares of the land near the Bandar Cassia township will be used for an integrated development project while the remaining 4ha will be used to establish a campus for KDU Penang, owned by PCB's KDU Education Group.
The company has been given five years to complete the education component and 10 years to finish the integrated development part.
PCB group CEO Datuk Teo Chiang Quan said the purchase was in line with corporate strategy to synergise the company's business and education arm.
He likened the development to university towns like Oxford, Cambridge and Melbourne which were anchored by education institutions.
"The population of these towns keeps on refreshing due to the institutions so the place is vibrant," he said in a press conference yesterday.
Earlier, Teo had attended the signing ceremony between PCB and PDC.
The ceremony was also attended by Chief Minister Lim Guan Eng, PDC general manager Datuk Rosli Jaafar and his deputy Iskandar Basha Abdul Kadir.
On the campus, Teo said facilities would be in line with the requirements of a university college, a status KDU is currently applying for, which will have a range of academic, sports and recreational facilities including high-speed broadband access.
He said KDU Penang planned to collaborate with employers to provide students with internships and professional activities.
"Students must know the world is their classroom and not the classroom is their world, professors and lecturers must be there to guide students."
On the integrated development, Teo said planning was in the preliminary stage with plans mirroring the Paramount Utropolis in Glenmarie, Shah Alam.
"We are working with the design team, architects and town planners to come up with the concept," he said.