Sunday, 22 April 2012

Tambun Indah inks MoU to develop RM50m international school in Penang

KUALA LUMPUR (April 22): Tambun Indah Land Bhd has inked a Memorandum of Understanding (MOU) with SIS Charter Sdn Bhd (SIS) to develop a RM50 million international school at at Pearl City integrated township in Seberang Perai.

In a statement April 21, Tambun Indah said this would be Mainland Penang’s first international school.

It said the MOU was signed between Tambun Indah subsidiary, Palmington Sdn Bhd and SIS Charter Sdn Bhd, the operator of Straits International School.

The Mainland Penang campus of Straits International School, with minimum 200,000 square feet (sq ft) of built-up area, will be built on a 6.5 acre land in Pearl, it said.

Tambun Indah managing director Ir. Teh Kiak Seng said the setting up of Straits International School at Pearl City Business Park would go a long way in enhancing the attractiveness of the ompany’s expanding township, and strengthen its value proposition as a fully integrated and self-sustaining development.”

Teh said the Straits International School would be built at estimated development cost of RM50 million, of which Tambun Indah will invest RM35 million to design and construct the campus, include land cost, and SIS will invest RM15 million to equip it with necessary facilities, such as equipment, furniture, fittings, interior decorations and others.

Upon the campus’ target completion in 2014, SIS will then lease the school campus from Tambun Indah for a period of 20 years.

Straits International School will offer Cambridge international curricula for primary and secondary students, both foreign and local.

Once fully operational, the Mainland Penang school campus will be capable of handling a student population of 800 to 1,200.

The also said that the setting up Straits International School represented the first step in the development of Pearl City Business Park.

“In that sense, we will continue our marketing efforts to attract more businesses and anchor tenants to join in the expected growth in Pearl City and collaborate to create Mainland Penang’s first integrated city by 2020,” said Teh.

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