Paragon buys Johor land for RM35mil

PETALING JAYA: Paragon Globe Bhd (PGB) is acquiring two parcels of freehold land measuring 11.09 acres in Johor Baru from EKL Holdings Sdn Bhd for RM34.96mil.

In a filing with Bursa Malaysia, PGB said the proposed acquisitions represent an opportunity for the company to accumulate strategic land for property development and investment purposes.

“The acquired parcels of land are situated in an emerging prime location with positive industrial development potential.”

Additionally, PGB said the acquisition is coherent with the group’s objective to create greater economic value and further enhance its presence in the property market in Johor.