PETALING JAYA: Paragon Globe Bhd
(PGB) is proposing to dispose of two parcels of freehold land totalling 2.8 million sq ft in Johor Baru, Johor to Dayone Data Centers Malaysia IIIi Sdn Bhd for RM398.1mil.
In a filing with Bursa Malaysia, PGB said the proposed disposal forms part of the group’s ongoing strategy to optimise its landbank portfolio through the selective monetisation of certain land assets.
“As a property developer, the group continuously reviews its landholdings to ensure that they remain aligned with its long-term development plans, prevailing market conditions, project priorities and overall resource allocation strategy.
“The proposed disposal provides the group with an opportunity to realise the value of the disposal lands for cash at the disposal consideration, while unlocking value from its investment in the disposal lands.”
PGB said proceeds from the disposal will be utilised (among others) to fund ongoing projects and acquire new land banks and/or other properties.
