Koon gives RM50mil to build student hostels

Penang state government provides 60,000 sq ft plot opposite USM for retired IJM founder's proposal

KUALA LUMPUR: Student hostels are to be built on a 60,000 sq ft plot of state land opposite Universiti Sains Malaysia with a RM50 million donation from retired civil engineer Koon Yew Yin, a founder of the infrastructure and property company IJM Corporation.

In a statement today, Koon said the Penang state executive council had accepted his donation and would provide the land, which is zoned for high-rise flats of up to 36 stories high.

The hostels would form the Koon Yew Yin Residential Complex. Each hostel would be named after fundamental rights, such as Liberty, Justice and Equality, and would also bear a plaque stating that hostel residents and Koon Yew Yin scholarship-holders must promise to help other poor people when they graduate and are financially solvent.

“We all must bear in mind that we cannot take our money along when we die,” said Koon, who has pledged to donate all his wealth to charity, especially to needy students. “After we have given a good education to our children and discharged all our responsibilities, we must do charity to help the poor.”

He noted that it was difficult to give away hard earned money but advised others that “our ultimate aim in life is happiness. When you see poor people happy, you will also feel happy”.

Koon said the state government had agreed to his conditions for the donation. These were:

The RM50 million and any profit from rental and other income must be used for building hostels and other associated buildings for university students in Penang.

Construction contracts exceeding RM10,000 must be open to competitive tender.

The state government would provide the land for the hostels and facilities for sports, parking and other uses, and would engage professional staff to manage the hostels.

Competitive rentals would be charged but must not burden the student residents.

He said some of the net income might be used to set up a Koon Yew Yin Charitable Foundation to help provide loans for poor students to study in Penang. Koon has given about 300 scholarships to poor students, who have to pledge to help other poor students when they are financially solvent.

He said he would be an adviser for life to a task force which would take charge of the donation and the hostel projects. The task force would be chaired by the chief minister, with three other members nominated by the state. The other three members to be Koon’s nominees: his wife, policy analyst Dr. Lim Teck Ghee and architect Lee Thean Hock.