Paragon Globe to develop Johor landbank around anchor occupiers, selectively sell land

Paragon Globe Bhd plans to develop more of its Johor landbank around anchor occupiers while selectively selling land to support its pipeline. The developer cited its PGB-GSP AutoPark, a proposed industrial park in Sedenak and a conditional land sale in Tanjung Kupang as examples of the strategy.

PETALING JAYA (Sept 23): Paragon Globe Bhd said it intends to develop more of its Johor landbank around anchor occupiers, while selectively selling land to support its longer-term pipeline.

In a statement on Wednesday (Sept 23), the developer cited its PGB-GSP AutoPark in Iskandar Puteri, proposed industrial park in Sedenak and conditional land sale in Tanjung Kupang as examples of the approach. The projects and transaction had been announced previously.

Executive chairman Datuk Seri Edwin Tan Pei Seng said the group was assessing land partly on the businesses and communities that could develop around an anchor user. “We are still in the business of building and selling property, but we are looking at space differently today,” he said.

At the AutoPark, GSP Automotive is the anchor manufacturer. Paragon Globe said it expects the manufacturer’s presence to create opportunities for suppliers, logistics operators and other supporting businesses. Wednesday’s statement did not identify further committed occupiers.

In July, the group proposed to acquire additional beneficial interests equivalent to about 195.6 acres in a Sedenak freehold tract for RM127.28 million. Together with interests it had previously acquired, the transaction would give it an attributable land position of about 218.1 acres. The group’s preliminary industrial park concept for the land has an estimated gross development value of RM1.69 billion. The proposed acquisition remains conditional, including on shareholder approval, with completion targeted for the second half of 2027.

Paragon Globe also referred to its proposed RM398.11 million disposal of two vacant freehold land parcels in Tanjung Kupang to DayOne Data Centers Malaysia III Sdn Bhd. Announced in June, the conditional transaction covers about 26.42ha.

For the first quarter ended June 30, 2026, the group reported revenue of RM94.46 million, up 69.8% from a year earlier, while profit attributable to shareholders rose 56.4% to RM24.94 million.