Paramount acquires 30 acres from PDC

KUALA LUMPUR: Paramount Corp Bhd (PCB) inked a deal with Penang Development Corp (PDC) yesterday for the purchase of 30 acres (12.14ha) of freehold land in Batu Kawan for RM65.56 million.

According to PCB’s statement yesterday, 10 acres are slated for institutional purposes while another 20 acres are for integrated development. The land for institutional purposes was transacted at RM40.50 per sq ft (psf) and land for development at RM55 psf, both with freehold titles.

The land is located just five minutes from the Second Penang Bridge in Bandar Cassia, a fast-growing district where PCB plans to develop a “university metropolis”, which is anchored by a new purpose-built campus for KDU Penang, owned by PCB’s KDU Education Group.

Under the agreement, PCB is required to commence and complete the development of the education component within five years. It is also required to complete the integrated development within 10 years, both from the date of the agreement. PCB has to obtain all approvals from the relevant authorities and complete the development at its own cost.

PCB executive deputy chairman Datuk Teo Chiang Quan said in the statement that the development in Bandar Cassia would integrate the synergies of its two businesses, Paramount Property and KDU Education Group, into one location in the northern region.

“The creation of a new campus for KDU Penang and its elevation from college to university college also brings to life our brand ethos of always contributing towards the development of human capital,” he said.

The new KDU campus in Batu Kawan will feature a comprehensive range of facilities in line with the requirements of a university college, and offer programmes such as pre-university studies, hospitality, culinary and tourism as well as engineering and information systems.

The campus facilities in Batu Kawan, which is home to the planned Batu Kawan Industrial Park, will provide internship as well research opportunities between the university and the manufacturing and commercial industries.

PCB believes the new university metropolis will be the new property magnet in Penang, given Batu Kawan’s position as the third satellite town in the island after Bayan Lepas and Seberang Jaya, and the state’s main industrial site on the mainland.

The proposed university metropolis in Batu Kawan mirrors Paramount Ultropolis in Glenmarie which was launched in Selangor last year. Paramount Ultropolis is a 21.7-acre freehold integrated township, which includes a KDU University college campus.

“It is this same essence that we want to capture our new university metropolis in Penang. We want to create a community inspired by learning and motivated to make Batu Kawan grow and prosper,” Teo said.

This article first appeared in The Edge Financial Daily, on March 26, 2014.