KUALA LUMPUR: Paragon Globe Bhd
(PGB) is pursuing a land acquisition in Sedenak, Johor, for a proposed industrial park with a preliminary gross development value (GDV) of RM1.69bil.
The proposed development, located within the Kulai-Sedenak flagship zone of the Johor-Singapore Special Economic Zone (JS-SEZ), is expected to comprise industrial factories, commercial components and worker accommodation.
“The Sedenak development remains preliminary and is subject to the relevant legal, title, planning and regulatory approvals,” PGB said in a statement.
Executive chairman Datuk Seri Edwin Tan Pei Seng said the Sedenak land would form part of the group's longer-term development pipeline rather than contribute immediately to earnings.
He said the group was looking beyond individual property developments by considering the economic activities, anchor users and supporting businesses that could be developed around its landbank.
The property developer said it is expanding its development strategy in Johor to include industrial, residential, commercial and income-generating projects, with a focus on attracting anchor businesses to its landbank.
The group has also proposed the disposal of land in Tanjung Kupang for RM398.11mil to a data centre infrastructure player as part of its capital recycling strategy.
Tan said the group would continue to phase its developments and recycle capital where appropriate while maintaining liquidity.
PGB said it would continue to focus on managing its landbank and developing projects across key growth corridors in Johor.
