Teo and Wan Abdullah after the signing ceremony
PETALING JAYA: Janahasil Sdn Bhd, a wholly-owned subsidiary of Paramount Corporation Bhd (Paramount) has signed a sale and purchase agreement with UEM Land Sdn Bhd (UEM Land) yesterday for the acquisition of 10 acres of land in Nusajaya, Johor.
Sold for a total consideration of RM13.068 million, the land is located within UEM Land’s latest development known as East Ledang. Paramount, with a track record in the educational services
sector under the KDU brand, will construct and operate the proposed Sekolah Sri KDU Smart School on the 10-acre plot.
“Paramount will be the first private education operator in Nusajaya. The setting up of a private school of this stature is in line with our plans to develop an integrated community with world class infrastructure in Nusajaya. I am confident that the school, when completed and ready for enrolment in 2011, will be welcomed by young families looking for quality yet affordable education for their children,” said Wan Abdullah Wan Ibrahim, managing director of UEM Land.
Datuk Teo Chiang Quan, group managing director and group CEO of Paramount, said another RM40 million would be allocated for the construction of the school’s first phase.
Paramount also has an option to acquire another 15 acres of land from UEM Land for future expansion. According to Teo, the group has three years to exercise the option, which it is considering. “We are committed to doing something there; we are now doing a market study to find out why should we do another school there,” he added.
According to Teo, the company is in the midst of planning the blueprint, which could take about three months after which relevant submissions will be done. “We aim to begin piling works seven months from now, perhaps in October. It will take one and half years to build the school,” he said.
The school, which is targeted to open its doors on January 1, 2011, will cater to the current and future population of Nusajaya as well as the Johor population. It will have a slightly smaller capacity compared to its Sekolah Sri KDU in Kota Damansara, which has a full capacity of more than 2,500 students.
Other established names under the KDU banner include KDU College in Damansara Utama, Sekolah Sri KDU in Kota Damansara, KDU Management Development Centre (KMDC) in Kuala Lumpur and Petaling Jaya, as well as KDU International Language Training School (KILTS) in Chongqing, China.
According to Wan Abdullah, the school will be fronting the Coastal Highway connecting the Johor city to Nusajaya. The highway project is being spearheaded by South Johor Investment Corporation and is funded by the federal government to improve connectivity.
East Ledang, a 365-acre development launched about four weeks ago, has had its first phase 50% taken up and expects to be 100% sold in a matter of three to four months, said Wan Abdullah. He reveals that its second phase, comprising terraced homes, semidees and bungalows will be launched in 4Q2008.
UEM Land is the master developer of Nusajaya, a 24,000-acre regional city located in South Johor touted to be the largest fully-integrated urban development in South-East Asia. The group is currently undergoing a restructuring exercise which will be completed in September, said Wan Abdullah. “There have been no setbacks,” he said.
By theSun (by Yeong Ee-Wah)
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