Malaysia: Developer Paragon Globe Berhad has signed development rights for its first serviced apartment project in Johor Bahru, in the Tropicana Danga Bay master plan.
Paragon’s subsidiary, PGB Desa Heights Sdn Bhd, has secured development rights to launch its first serviced apartment project within the Tropicana Danga Bay waterfront development.
The 37-acre master plan Tropicana Danga Bay is being jointly developed by Tropicana Corporation Berhad and Iskandar Waterfront Sdn Bhd.
PGB Desa Heights will pay Tropicana Danga Bay RM102.46 million, which represents 10 per cent of the project’s estimated net development value.
The estimated gross development value is RM1.49 billion, with a projected gross development cost of RM1.15 billion, leading to an anticipated profit of approximately RM334.45 million.
The scheme will feature four towers, each comprising 36 floors with 2,552 serviced apartments. It aims to achieve GreenRE Gold certification.
Construction is set to begin in February 2025 and is expected to take four years to complete.
Datuk Seri Edwin Tan Pei Seng, executive chairman of Paragon Globe, said: “We have always been confident of the growth of Johor Bahru’s housing market and with the Johor Bahru-Singapore RTS Link set to commence operations by 2027, we anticipate strong demand for quality and sustainable serviced apartments in the region.
“This project aligns with our vision to meet the evolving needs of the community and capitalise on the opportunities presented by this transformative infrastructure development,” he added.
