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 to Dayone Data Centers Malaysia III 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.”
It said the proposed disposal provides an opportunity to realise the value of the land parcels in cash, while unlocking value from its investment in the land.
PGB said the proceeds will be utilised (among others) to fund ongoing projects and acquire new land parcels or other properties.
