Paramount Corp unveils Utroplis

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VIBRANT: Anchored by the new KDU UC campus, the university metropolis is set to transform Glenmarie

Paramount Corp’s masterplanned development Utropolis is set to transform the industrial Glen­marie area in Shah Alam into a vibrant hub for learning, living and commercial activities. It also marks the first time the company combined its two core businesses, property development and education into one integrated project which is the beginning of a “bright future” ahead for the developer.

“We have a lot in the pipeline this year although we have been rather quiet. With estimated gross development value (GDV) of RM7 - RM8 billion for all our seven to eight projects in the next seven years, we are very confident of the company’s prospects,” said Paramount Corporation Berhad Group CEO Chan Say Yeong during a briefing on the project recently.

Inspired by famous foreign university metropolises such as Oxford, Cambridge, Boston and Melbourne, the Utropolis – from the words “University” and “Metropolis” is envisaged to become a neighbourhood and community that is inspired by learning.

The RM800 million project, comprising serviced apartments, small office-home offices (SOHO), retail and car park portions, would take up to seven years to complete. Work on Phase 1 of the Utropolis located on a 21-acre freehold land has already started since late last year.

The service apartments, which are among the first to be launched would be priced tentatively at between RM550 – RM650 psf, said Chan. The campus portion meanwhile would be ready for occupation by the first quarter of 2015 when KDU University College would move into the 10-acre purpose-built campus.

Executive Deputy Chairman Datuk Teo Chiang Quan said in a speech that the integrated project “is a reflection of how Paramount is evolving and embracing change, in both its core businesses“. In response from demand from a younger group of buyers, the company is emphasising more on being design-driven and being green.

There will be open spaces, themed gardens and discussion cubes, along with nine fully equipped lecture halls that can house up to 250 students each.

It will also have 60 state of the art classrooms, a 50,000 sq ft of space housing a library and a 500-bed student village.

The location at Glenmarie is ideal as it is a fast-growing township with a young population of 200,000 within a 10-km radius, with easy access to transportation links across the Klang Valley.

Paramount has been a player in the Malaysian property market for 35 years with townships in Kemuning Utama in Selangor and Kedah.

 


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