After battling for 21 days, Paramount Corporation Bhd chairman and executive director Datuk Teo Chiang Quan passed away today due to complications from Covid-19.

The 72-year old passed away at 6.38pm today.

“It is with profound sadness that Paramount Corp Berhad (Paramount) announces that Datuk Teo Chiang Quan passed away this evening (May 24, 2021) due to complications from an unexpected illness,” said the press statement from Paramount at 9.58pm tonight.

Over and above being an astute businessman and property developer, Datuk Teo may best be described as a nation-builder, said the statement.

Starting his career in Malaysian Rice Mills (MRI) in 1976, which was renamed to Paramount Corp Bhd in 1980, Teo has shaped Paramount into a public-listed company that focuses on property, coworking, education, F&B and office solutions provider business.

Notably, Paramount Property Development Sdn Bhd bagged the EdgeProp Malaysia’s Responsible Developer: Building Sustainable Development Award 2018. It is also inducted into Malaysia Developers’ Hall of Fame where membership is exclusively accorded to winners of EdgeProp Malaysia’s Responsible Developer introduced in 2018.

Teo was appointed as chairman of the Board of Paramount on June 8, 2015 and provided leadership and guidance to its management in the formulation of the group’s long-term strategic plans, particularly in the areas of land banking and communication with stakeholders. 

As one of the pioneers in private tertiary education in Malaysia, he made such education affordable for Malaysians. Under his leadership, he set up Sri KDU schools and later through the acquisition of REAL Education Group, built the largest K-12 education group in Malaysia.

Teo was named as ‘FIABCI Malaysia Property Man of 2019’ at the ‘FIABCI Malaysia Property Award 2019’ in view of his contributions to the property industry over the years. 

“He has been the cornerstone of our company, setting the vision and mission and epitomising our core values of TRIBE (Trust, Respect, Integrity, Bravery and Energy), which we hold dear to this day. Datuk Teo’s life is also the inspiration for Paramount’s vision of ‘Changing lives and enriching communities for a better world,” said Paramount Group chief executive officer Jeffrey Chew.

He described Teo as a warm person who could strike up a conversation with anyone at any level. 

“He had a great sense of responsibility and was generous with his employees. A man of strong principles, the Paramount family will always remember him for his work ethics and integrity as well as his relentless insistence on quality in everything we do,” he said.

Get the latest news @

Subscribe to our Telegram channel for the latest stories and updates 

Click here for more property stories

  1. Paramount’s 3Q net profit leaps by 100 times on sale of DJ Campus and strong property division improvement
  2. Same-day loan disbursement part of Paramount Corp's digital bank strategy
  3. Paramount expects dampened performance in 3Q amid MCO reinstatement