KUALA LUMPUR: Paragon Globe Bhd
’s wholly-owned subsidiary, Paragon Globe Properties Sdn Bhd has secured development rights for 71.52 acres of land in Iskandar Puteri, Johor, through three development rights agreements with Iskandar Capital Sdn Bhd.
The agreements grant Paragon Globe Properties exclusive rights to develop three freehold parcels of prime land in Iskandar Puteri, totalling approximately 4.10 acres (Land 1), 11.50 acres (Land 2), and 55.92 acres (Land 3).
The agreements allow the company to design, develop, construct, and complete the development on the land, as well as manage all related activities.
Additionally, Paragon Globe Properties holds exclusive rights to market, promote, and sell individual property units within the development, retaining all revenue from these sales.
The proposed residential project on Land 2 and Land 3 consists 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 1, which is expected to contribute to the company’s continued growth.
“Construction is expected to commence in 2025 and is envisaged to take seven years to complete, with an estimated gross development value of approximately RM733.12mil,” PGB said in a statement.
