Paragon Globe to buy Johor land for RM72mil

PETALING JAYA: Paragon Globe Bhd’s wholly-owned subsidiary Paragon Business Hub Sdn Bhd has proposed to acquire a tract of freehold land in Plentong, Johor, measuring about 42ha, for RM71.5mil.

In a filing with Bursa Malaysia yesterday, Paragon Globe noted the land deal will be funded with a combination of internally generated funds, bank borrowings and equity fundraising.

It intends to develop the land into an industrial area with 171 units of industrial properties. The project is expected to commence in 2024, and is projected to take eight to 10 years to complete.

The estimated gross development value of the project ranges from RM544mil to RM626mil, while its gross development cost is expected to be about RM473mil.