PETALING JAYA: Paragon Globe Bhd
(PGB) has entered into three development rights agreements with Iskandar Capital Sdn Bhd for the proposed development of three parcels of freehold land in Johor Baru totalling 63.61 acres.
In a filing with Bursa Malaysia, PGB said the proposed development rights include the development of residential project comprising 340 units across various property types on two plots of land.
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.”
Plot N1-5 and Plot 2A are expected to commence in 2026 and envisaged to take seven years to complete, the group said in the statement.
