Paragon in RM11mil land acquisition

PETALING JAYA: Paragon Globe Bhd’s unit, Paragon Globe Properties Sdn Bhd, has proposed an acquisition for three parcels of freehold land in Rengam in Kluang, Johor for a total cash consideration of RM11.475mil from Common Development (M) Sdn Bhd.

The three parcels of land measure approximately 3.51, 3.90 and 4.43 ha, respectively, and will be acquired for the purpose of an affordable residential development, Paragon said in its Bursa Malaysia statement.

The purchase consideration was arrived at on a willing buyer-willing seller basis and is at a discount of approximately 0.22% to the indicative market value of the land of RM11.5mil, which was ascertained by valuers appointed by the company, namely, Laurelcap (JB) Sdn Bhd, it said.