Paramount buys land in Batu Kawan to build university college and mixed development
From left: Paramount Corp group CEO Datuk Teo Chiang Quan shakes hands with Penang Development Corp GM Datuk Rosli bin Jaafar, as Penang Chief Minister Lim Guan Eng and deputy GM of PDC Iskandar Basha bin Abdul Kadir look on.
Paramount Corp Bhd has purchased 30 acres of freehold land in Batu Kawan, Penang for RM67mil from Penang Development Corp (PDC) to build a university college and mixed development project
The land for the future KDU College Penang was priced at RM40.50 per sq ft while the land for the proposed mixed development was priced at RM55 per sq ft. It is located 5 minutes from the Second Penang Bridge at Bandar Cassia, a new township in Province Wellesley.
Under the agreement, Paramount will build Penang’s first university metropolis in Batu Kawan. The metropolis will be developed by Paramount Property, the property development arm of Paramount, and will be anchored by a new purpose-built campus for KDU Penang, owned by Paramount’s KDU Education Group.
The acquisition will be funded through internally generated funds and bank borrowings.
“In addition, Paramount is required to complete and commence the development of the education component within 5 years. It is also required to complete the integrated development within 10 years, both from the agreement date. It is to obtain all approvals from relevant authorities and complete the development at its own cost,” Paramount said in a statement.
Paramount told Bursa that the rationale for the deal is to increase the group’s land bank at locations with strong growth potential and to strengthen the group’s long-term sustainability by synergising the two core businesses of property development and provision of educational services.
The deal is in line with PDC’s policy to promote and sell land to attract catalyst projects in Bandar Cassia, and to provide services that will help complement the area’s industrial and housing development sectors.
Source: StarProperty.my
Indeed, batu kawan is picking up pace…
The government must also improve the traffic flow at junction of Bukit Tambun Exit. Build more fly over to cross the north south highway. Think for the future!
The government must also improve the traffic flow at junction of Bukit Tambun Exit. Build more fly over to cross the north south highway. Think for the future!
@Bryant
@TL
You shouldn’t be worried about this kacang traffic thing, as batu kawan is pretty much a greenfield development, which means plenty of land for roads, nice wide roads….:)
But something the state gov must do right from day one would be the property price in batu kawan. They have the luxury of “controlling” price land as most land belong to PDC.
If the state owns most land there, they can control land price effectively, by not selling excessive land to private owners.
If the state screws up on this and can’t provide affordable homes to penangites, you know who to go after!
Good news to Batu Kawan, too bad i didn’t owe any properties thr. Two years ago, a new leasehold DST already asking for 400k above.
@Satoshi
*Own
@Satoshi
Not necessary must own in batu kawan.. can consider nearby property as well. At least when you go home, less traffic…and less noisy as well. Furthermore, it can be freehold instead of batu kawan leasehold status.
developing bt kawan alone bring no good, surrounding township & traffic need to be re-organized too. Island is saturated, hope to see more attention put in main land.
Some example:
1. say only but not yet happen till today – http://mykampung.sinchew.com.my/node/223424
more…
yes traffic and please upgrade the road via to Batu Kawan.
yes please we need a reputable developer to develop Batu Kawan. Please invite more reputable developer