PETALING JAYA: Property developer Paragon Globe Bhd shareholders have approved the company’s acquisition of several strategically located parcels of land, including 14.85 acres of freehold industrial land and 19.33 acres of freehold agriculture land in Mukim of Plentong, Johor, for RM28.56 million and RM34.96 million, respectively.
Recognising the market’s evolving needs, shareholders also approved the disposal of 47.86 acres and 19.759 acres of freehold industrial land in Desa Cemerlang, Johor, to Bridge Data Centres Malaysia IV Sdn Bhd for RM238.32 million and RM98.98 million, respectively.
This strategic divestment unlocks significant value from Paragon Globe’s landbank, allowing for the development of a data centre that will contribute to Johor’s digital infrastructure.
At an extraordinary general meeting hin Johor Bahru last week, shareholders also endorsed Paragon Globe’s plans to diversify its income streams and pursue strategic partnerships, including a joint venture with Tropicana Danga Bay Sdn Bhd to develop landmark project in Danga Bay, respectively.
The development rights agreement with Tropicana Danga Bay involves an investment of RM102.46 million.
“We are grateful for the resounding support from our shareholders,” said Paragon Globe executive chairman Datuk Seri Edwin Tan Pei Seng. “These approvals enable us to execute our strategic vision and capitalise on opportunities in the dynamic property market.”
Paragon Globe remains committed to integrating environmental, social and governance (ESG) principles into its operations.
The group is actively pursuing green initiatives, including Provisional GreenRE-certified projects such as Desa 27 (Plot 3 and Plot 4) at Desa Cemerlang and PGB Hostel at Pekan Nenas, and its upcoming serviced apartment developments in Johor Bahru.
“Sustainability is an integral part of our business strategy. We believe that by incorporating ESG considerations into our developments, we create long-term value for our stakeholders and contribute to a better future,” said Tan.
With shareholders’ approval, Paragon Globe is well-positioned to execute its growth strategy and solidify its position as a leading property developer in Malaysia. The group remains focused on delivering innovative and sustainable developments that meet the market’s evolving needs.
