PETALING JAYA: Paragon Globe Bhd
(PGB) has entered into three development rights agreements with Iskandar Capital Sdn Bhd for the proposed development rights of three parcels of freehold lands in Johor Baru, totalling 63.61 acres.
In a filing with Bursa Malaysia, PGB said the proposed development rights are expected to entail a proposed development of a residential project comprising 340 units across various property types on two of the plots of land, namely Plot N1-5 and Plot 2A.
“Under the terms of the agreements, the group is projected to realise estimated profits of RM188.09mil upon the completion of the Plot N1-5 and Plot 2A development.
“This initiative will not only bolster the group’s financial position but also diversify its property portfolio with a range of high-quality products.”
PGB said Plot N1-5 and Plot 2A Development is expected to commence in 2026 and is envisaged to take seven years to complete.
The company said it is currently in the process of finalising the development plans for the third plot (Plot N1-4), with the expectation that it will contribute to the group’s continued growth.
