PETALING JAYA: Paragon Globe Bhd
, via wholly-owned subsidiary PGB Desa Heights Sdn Bhd, has signed a development rights agreement with Tropicana Danga Bay Sdn Bhd to develop two prime freehold land parcels within the Danga Bay integrated waterfront development in Johor Baru.
In a statement, Paragon said PGB Desa Heights will pay Tropicana Danga Bay RM102.46mil, which represents 10% of the projected net development value of the project.
“The project will consist of four towers, each comprising 36 floors with a total of 2,552 serviced apartments units. Construction is set to commence in February 2025 and is expected to be completed over approximately four years.
“The estimated gross development value is around RM1.49bil, with an expected gross development cost of about RM1.15bil.”
Paragon said the projection indicates that the company expects to realise a profit of approximately RM334.45mil from the project.
