CES Horizon Sdn Bhd, the wholly-owned subsidiary of Chip Eng Seng, has entered into a collaboration with Horizon Hills Development and Nusajaya Greens.
CES Horizon is wholly-owned by Sing-Ed Global Schoolhouse, Chip Eng Seng’s holding company for its education business segment.
Through the agreement, Horizon Hills will develop a built-to-suit campus within its development known as “Horizon Hills” in Iskandar Puteri, Johor Bahru, Malaysia.
On delivery of the premises, CES Horizon will lease the premises and operate a K-12 (kindergarten to year 12) international school.
Nusajaya Greens is the registered owner of the land on which the development sits. It is a wholly-owned subsidiary of Bandar Nusajaya Development.
Horizon Hills Development is the 50:50 joint venture company (JVC) between UEM Land and Bursa-listed Gamuda Berhad.
UEM Land is the wholly-owned subsidiary of UEM Sunrise Berhad, which also listed on the main market of Bursa Malaysia.
In turn, Bandar Nusajaya Development is wholly-owned by UEM Sunrise, through UEM Land.
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The development was developed and built by Horizon Hills Development in 2007 and is a 1200-acre gated-and-guarded development. It comprises 11 high-end residential precincts, an 18-hole par 72 golf course, a 150,000 sq ft clubhouse as well as shops and offices.
The development is easily accessible from the second link crossing in Gelang Patah.
Under the collaboration, CES Horizon will bear the renovation and fit-out costs and obtain the necessary regulatory approvals to lease the premises. Horizon Hills Development will obtain the necessary approvals for the building plans and develop and construct a built-to-suit campus for the school.
The school will have a targeted capacity of up to 1,500 students and situated across 203,875 sq ft.
The target date of delivery of the first phase is at Sept 30, 2022.
The school will be branded as an “Invictus” international school. Invictus International School Pte. Ltd. is a subsidiary in which Chip Eng Seng has an effective interest of approximately 92.65% as at April 7.
According to Chip Eng Seng, the collaboration “presents a viable opportunity to develop and operate a school in an upcoming integrated township, where the school can tap on the surrounding high-end residential developments for its student enrolment”.
Shares in Chip Eng Seng closed flat at 50 cents on April 7.
