Paragon Globe Properties Sdn Bhd has signed three development rights agreements with Iskandar City to develop 71.52 acres of lands in Iskandar Puteri, Johor.
Under the Agreements, Paragon Globe Properties is granted the exclusive rights to develop three freehold parcels of prime land in Iskandar Puteri, comprising approximately 4.10 acres ("Land 1"), 11.50 acres ("Land 2"), and 55.92 acres ("Land 3") (collectively, "Development Lands"). This Agreements allows the Company to design, develop, construct, build and complete the development on the Development Lands, as well as manage all implementation activities. Additionally, Paragon Globe Properties holds exclusive rights to market, promote and sell individual property units and components within the development
and to retain all revenue generated from these sales.
The proposed residential project on Land 2 and Land 3 consists of 340 units of various property types, including 324 units of semi-detached houses, 2 units of bungalows, and 14 bungalow land lots, offering buyers the unique opportunity to choose their preferred design and build their dream homes. The company is currently in the process of finalizing the development plan for Land 3, which is expected to contribute to the Company's continued growth.
PGB said the construction is expected to commence in 2025 and is envisaged to take 7 years to complete, with an estimated Gross Development Value of approximately RM733.12 million.
This collaboration represents the Company's first venture into landed property market through the development of Land 2 and Land 3, showcasing the Company's commitment to diversifying the portfolio and meeting the growing demand for high-quality housing in the region.
Dato' Sri Edwin Tan Pei Seng Executive Chairman of PGB, commented, "This collaboration marks an important step for PGB, not only by contributing to Johor's economic growth but also enhancing the well-being of residents with high quality products, improved infrastructure, and community development initiatives."
