Paramount Corp’s acquisition will not affect Montfort Boys Town

KUALA LUMPUR: The proposed acquisition of the 21.7 acres of land by Paramount Corp Bhd for RM62.4 million will not affect the Monfort Boys Town, says John S C Loh, the property consultant for the Titular Superior of the Brothers of Saint Gabriel, founder of The Monfort Boys Town in Shah Alam.

“The piece of land is surplus land that has been left vacant for a number of years, and though there has been previous offers by other companies, the Titular Superior of the Brothers of Saint Gabriel took up Paramount Group’s offer because the corporation shares the same vision of education excellence,” said Loh.

Paramount Group has designated approximately 10 acres of the land to build a new campus for its subsidiary KDU College and the remaining 11.7 acres will consist of condominiums and commercial development to serve the community of college students, Paramount Group told theedgeproperty.com.

In the pipeline for Paramount Group are the developments of two pieces land in their landbank. The 51 acres of freehold agricultural land situated in Sungai Petani, Kedah, is slated for a residential and limited commercial development, consisting of approximately 5,000 units of terraced houses. In Kota Damansara, Paramount has plans to develop 26 units of 3-storey showrooms/offices/warehouses on its 22.6 acres of leasehold land.