Paragon Globe Secures Right To Develop 3 Land Parcels With RM733.12 Mln GDV

KUALA LUMPUR, Nov 12 (Bernama) -- Paragon Globe Properties Sdn Bhd, a wholly-owned subsidiary of Paragon Globe Bhd (PGB), has secured the rights to develop a 28.94-hectare site in Iskandar Puteri, Johor, with a gross development value (GDV) of RM733.12 million.

The development rights were obtained following Paragon Globe Properties’ collaboration agreements with Iskandar Capital Sdn Bhd.

In a filing to Bursa Malaysia today, PGB said under the agreements, Paragon Globe Properties is granted the exclusive rights to develop three freehold parcels of prime land in Iskandar Puteri, allowing the company to design, develop, construct, build and complete the development on the development lands, as well as manage all implementation activities.

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Additionally, Paragon Globe Properties holds the exclusive rights to market, promote and sell individual property units and components within the development and to retain all revenue generated from these sales, it said.

The company plans to develop residential projects on Land 2 and Land 3, consisting of 340 units of various property types, including 324 units of semi-detached houses, two units of bungalows, and 14 bungalow land lots.

“Paragon Globe Properties is currently in the process of finalising the development plan for Land 3, which is expected to contribute to the company’s continued growth.

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“Construction is expected to commence next year and is envisaged to take seven years to complete,” PGB said.

It added that this collaboration represents the company’s first venture into landed property market through the development of Land 2 and Land 3, showcasing the company’s commitment to diversifying the portfolio and meeting the growing demand for high-quality housing in the region. 

-- BERNAMA