Paramount to build RM53m private school in Nusajaya

PROPERTY developer Paramount Corp Bhd will invest over RM53 million to develop a private school, the Sri KDU Smart School, in Nusajaya township, Johor. Main board-listed Paramount is buying a four-hectare piece of land in East Ledang, Nusajaya from UEM Land Sdn Bhd for RM13.1 million.Group managing director and chief executive officer Datuk Teo Chiang Quan said the company will be spending another RM40 million on the school building, school equipment and fixtures and fittings. "We have an option to acquire another six hectares of land from UEM Land for the extension of Sri KDU School. "We may go for an international school," he said at the signing of the sales and purchase agreement in Petaling Jaya yesterday.Also present were Paramount chairman Datuk Md Taib Abdul Hamid, Bandar Nusajaya Development Sdn Bhd director Tan Sri Mohd Sheriff Mohd Kassim and UEM Land Sdn Bhd managing director Wan Abdullah Wan Ibrahim.Sri KDU Smart School in Nusajaya is targeted to open its doors on January 1 2011. This will be the company's second smart school after Sri KDU Smart School in Kota Damansara, Selangor.Education contributes about a third to Paramount's revenue.Wan Abdullah said the school will be strategically located within UEM Land's new development, the 146ha East Ledang. Read more

(New Straits Times 26-3-2008)