Seri Alam Properties Sdn Bhd (SAP) embark on a partnership with Pegasus Education Group (Malaysia) (PEG) to build the prestigious KinderWorld International School in Bandar Seri Alam.
Kuala Lumpur, 3 May 2012 – Seri Alam Properties Sdn Bhd (SAP), a wholly owned subsidiary of United Malayan Land Bhd (UMLand) entered into a Land Lease Agreement and Option to Purchase Property Agreement (Option Agreement) with Pegasus Education Group (Malaysia) Sdn Bhd (PEG), a subsidiary of KinderWorld Group, Singapore.
Pursuant to the Land Lease Agreement, the land will be developed into an International School to be leased to PEG. The purpose-built International school will spread over 10.35 acres of land with a built up area of approximately 260,000 square feet. The land will be leased for a period of 15 years and the buildings will be constructed and leased to PEG in 5 phases. The first phase with a capacity of 500 students will commence operations in January 2013. The International School will eventually comprise a kindergarten, primary schools, high schools, vocational college, a multi-purpose hall, a swimming pool, a full sized football field, a hostel for 300 students and other facilities. However, the initial set up will offer programmes for kindergarten up to secondary 1. Under the Option Agreement, SAP has granted PEG the option to purchase the land and the building based on an agreed exercise price.
The school will be a state-of-the-art-institution with modern facilities and technology that offers a Singapore international curriculum combining the best of Eastern values with an International outlook on education. The curriculum will cover kindergarten up to University Foundation Program culminating in International Examinations such as the IGCSE (International General Certificate of Secondary Education) and ACT (American College Test) - GAC (Global Assessment Certificate). The total cost of the whole development is estimated at RM 66 million.
Mr Lim Eng Kuan, Group Chief Operating Officer of UMLAND said, “The signing of this agreement signifies another step forward in strengthening the position of Bandar Seri Alam as the “City of Knowledge” in Iskandar Malaysia. The proposed International School will compliment the recent addition of Excelsior International School and both will create the synergy required for all the educational institutions within the township of Bandar Seri Alam. In addition, the lease rental income from both the land and building is expected to contribute to the income stream of UMLand Group commencing FY2013”
He adds, “In recent years there is a trend towards international schools offering Singapore syllabus. There is demand not only from the expatriate community but increasingly from Malaysians particularly Johoreans. This is evidence by the huge number of Johor students currently studying in Singapore.”
He further elaborates, “The rapid growth of Iskandar Malaysia is expected to attract numerous expatriates and investors to work and stay in the region. This is also another factor that will further enhance the demand for such schools.”
“The consistent improvements in the facilities, amenities and services at Bandar Seri Alam will create the demand for higher quality housing and hence higher property and land values at Bandar Seri Alam. A good international school will obviously attract a better class of residents who are potential purchasers of the higher end houses” he concludes.
The evolution of the “City of Knowledge” began when notable educational institutions and schools started establishing their presence in Bandar Seri Alam. Some of these institutions have already commenced operations while the others will be fully operational by 2013. These include three secondary schools, three primary schools which include a Chinese primary school (SRJK(C) Nam Heng), Masterskill University College of Health Sciences, Universiti Teknologi MARA (UiTM), MARA Junior Science College (MRSM), HELP University Johor Campus, University Kuala Lumpur (UniKL), The Malaysia Art School and a Japanese School (which has been operational since 2001).
Proposed International School at Bandar Seri Alam
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