Malaysian property developer Paragon Globe Bhd has proposed acquiring undivided beneficial interests in a 103.89-hectare parcel of land in Kulai, Johor, for RM127.28 million in cash.
The transaction, reported by New Straits Times, covers approximately 8.52 million square feet and represents a strategic expansion of the company's land bank in a key growth corridor south of Kuala Lumpur.
The acquisition is structured as a cash deal, avoiding immediate dilution for existing shareholders but requiring the company to deploy significant liquidity.
For investors, the move underscores Paragon Globe's commitment to securing development-ready assets in Johor, a region that has seen heightened interest from developers due to its proximity to Singapore and ongoing infrastructure upgrades.
The price per square foot implies a valuation that reflects current market premiums for master land in the area.
This development adds to the broader narrative of Malaysian property firms aggressively expanding their portfolios ahead of potential regulatory shifts or economic cycles.