Paragon Globe Bhd (PGB) will purchase 10.86 hectares of freehold agricultural land in Plentong, Johor, for about RM38.1 million, to turn it into a “well-conceptualised” commercial area.

The property development and development company stated in a stock exchange filing last week that it believes the proposed development will improve its future profitability and sales.According to PGB, its wholly-owned subsidiary, Paragon Platinum Sdn Bhd (PPSB) has signed three sales and purchase agreements (SPAs) with the vendors – Singaporeans Lim Thiam Seng and Lim Yok Sing and two companies linked to them, Eng Foo (Lim) Enterprise Sdn Bhd and Heng Foo Lim Enterprise Sdn Bhd – for the proposed land acquisition.

“The board is of the view that the proposed acquisition would provide Paragon Globe the opportunity to create greater economic value and increase the earnings potential of the company over the medium to long term as the lands have promising development potential,” it said.

“The lands are strategically located at the central part of Johor Bahru and surrounded by different types of commercial and industrial properties,” it added.

According to PGB, the planned acquisition should be completed within a year of the SPAs’ date, barring any unforeseen circumstances.

PGB’s current projects according to its website include Pekan Sentral, a modern commercial development that comprises 158 units of two-storey shop offices and three-storey shop offices.

Set in the growing township, Pekan Sentral Phase 1 comprises 112 units of two-storey and three-storey shop offices, while Pekan Sentral Phase 2 comprises 46 units of two-storey shop offices.

Source, New Straits Times, by Sharen Kaur, 27 June 2022