KUALA LUMPUR: Bursa Malaysia-listed property developer Paragon Globe Bhd (PGB) has mutually terminated the memorandum of understanding (MoU) with Solarvest Holdings Bhd (SHB), which was signed in February this year.
This decision is part of PGB’s strategic restructuring of the Desa Cemerlang project.
It involves the sale of 47.86 acres and 19.76 acres of freehold land within Desa 100 to Bridge Data Centres Malaysia IV Sdn Bhd and Bridge Data Centres Malaysia VI Sdn Bhd, respectively, for a total of 67.62 acres.
The MoU, which primarily focused on developing a green industrial township within Desa 100, is no longer relevant following the land sale.
“The decision to terminate the MoU with SHB was made after careful consideration of the evolving landscape of our Desa Cemerlang project,” PGB executive chairman Datuk Sri Edwin Tan Pei Seng said.
“However, we remain steadfast in our commitment to sustainable development and ESG principles. We value our partnership with Solarvest and look forward to exploring future collaborations once our revised plans are finalised,” he said ina statement.
Tan said PGB’s vision for Desa Cemerlang remains unchanged: to create a vibrant industrial hub that aligns with market needs, ESG goals, and the aspirations of Johor’s stakeholders.
