Paramount Corp buys RM65.5mil Penang land, to build university town

GEORGETOWN: Property developer Paramount Corporation Bhd is acquiring 30 acres of land in Bandar Cassia, Batu Kawan, from the Penang Development Corporation (PDC) for RM65.55mil to build a “university metropolis” and an integrated development.

The agreement signed between PDC and Paramount Corp on Tuesday specifies that the latter’s property arm, Paramount Property, will build Penang’s first university metropolis within five years of the agreement.