Paragon Globe Properties Sdn Bhd, a wholly owned subsidiary of Paragon Globe Berhad (Paragon Globe) has entered into a conditional sale and purchase agreement with Iskandar Capital Sdn Bhd (Iskandar Capital), a company of Iskandar Investment Berhad (IIB), for the proposed acquisition of freehold land in Iskandar Puteri, measuring approximately 31.1 acres for RM 60.96 million cash.
The signing ceremony was held at Medini 9 in Iskandar Puteri, Johor on 5th December 2019 and Paragon Globe was represented by Dato’ Sri Edwin Tan Pei Seng, Group Managing Director Dato’ Sri Godwin Tan Pei Poh, Group Executive Director, and Dato’ Haji Ismail Bin Karim, Independent Non-Executive Director.
Meanwhile, Dzulkeflie Jaapar, Head of Company of Iskandar Capital, Datuk Akmal Ahmad, Chief Operating Officer of Iskandar Investment Berhad and Johari Shukri Jamil, Executive Vice President, Business Development of Iskandar Investment Berhad represented Iskandar Capital.
The signing ceremony was witnessed by Datuk Shahril Ridza Ridzuan, Managing Director of Khazanah Nasional Berhad and Chairman of Iskandar Investment Berhad, and Datuk Ir. Khairil Anwar Bin Ahmad, President and Chief Executive Officer of IIB.
“We are very pleased to have a reputable local developer from Johor to invest in this sustainable project in ISL. This is definitely a starting point of a long term development plans for ISL and IIB and its group of companies,” said Datuk Ir. Khairil Anwar. Meanwhile, approval from authorities is expected to be obtained in 2020 to enable the project to be embarked.
Commenting on the latest development, Dato’ Sri Edwin Tan Pei Seng, said, “We are glad that Paragon Globe’s first land deal after our diversification into property and construction sector is this 31.1 acres of freehold land located right next to Marlborough College Malaysia.”
“The deal is only the first step of a long-term partnership with Iskandar Capital, a company of IIB whose shareholders are Khazanah Nasional Berhad, Employees Provident Fund Board and Kumpulan Prasarana Rakyat Johor,” he added.
The deal is expected to complete in the first quarter of 2021.