Paramount eyes more synergies between education, property businesses

By THE STAR
SUBANG JAYA: Paramount Corp Bhd wants to seek more synergies between its education and property businesses in the Klang Valley, northern Peninsular Malaysia and in other markets, moving forward.
Paramount executive deputy chairman/group chief executive officer, Datuk Teo Chiang Quan, said the company looked forward to replicate its university metropolis concept Paramount Utropolis in Glenmarie, Shah Alam in Penang and more markets.
“The success of bringing our two businesses together at Paramount Utropolis will become a model for future developments. Synergy is the strategy,” he told a media briefing after the group’s annual and extraordinary meetings on Monday.
Teo said the group’s 8.78ha integrated development in Glenmarie, which was anchored by a 4.47ha flagship KDU University College campus, has received a good reception.
“To replicate the Glenmarie’s business model, Paramount is set to build Penang’s first university metropolis, with the acquisition of the 12.14ha of freehold land in Batu Kawan, Penang from Penang Development Corp,” he said.
Development would begin right next year with a target to commence the KDU Penang either in 2018 or 2019, he said.
He said the group was also increasing its landbank in Machang, Bubuk in Kedah to 14.57ha, increasing the group’s nationwide total landbank to 323ha.
Teo said the group’s construction segment was poised to record higher progressive billings this year.
“The group is optimistic of continuing to record a better performance in fiscal year 2014 and onwards,” he said.
Shareholders today approved a proposed fund-raising exercise via renounceable rights issue.