NEWS: Paramount to spend RM40m on smart school in Nusajaya

The Edge

26-03-2008
by Yantoultra Ngui Yichen

PETALING
JAYA: Paramount Corporation Bhd plans to spend some RM40 million on capital expenditure (capex) to build a Sri KDU smart school at East Ledang in Nusajaya.

Group managing director and chief executive Datuk Teo Chiang Quan said the construction of the private school would start in October and the school would open its doors by 2011.

“This is in line with Paramount’s philosophy to provide affordable quality education to everyone,” he said after Paramount’s unit Janahasil Sdn Bhd inked a sale and purchase agreement with UEM Land Sdn Bhd to buy a four-hectare land in Nusajaya for RM13 million for the smart school.

Teo said Paramount, with Kolej Damansara Utama (KDU) as its flagship in the education sector, had the option to buy another 6ha at East Ledang for future development.

Paramount, which has campuses in Kuala Lumpur and Penang, is focusing on the southern region
to tap the growing population of Nusajaya.

Meanwhile, UEM Land’s managing director Wan Abdullah Wan Ibrahim said: “We are delighted that Paramount has chosen to site its school at Nusajaya. This is in line with our plans to develop an integrated community in Nusajaya where all can work, live and play here.”

He said the setting up of a private school in Nusajaya together with other projects by world-class developers like Limitless LLC, which is co-developing Puteri Harbour Residential North, was yet another testimony of the tangible developments at Nusajaya.

Wan Abdullah said the first phase of its East Ledang property project, which comprises 140
units of terrace and semi-detached houses with a gross development value (GDV) of RM97 million, was expected to be fully sold by July.

“We have already sold 50%, which is beyond our forecast and now we expect to launch the
second phase by the fourth quarter of this year,” he said.

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