A unit of Singapore-based DayOne Data Centers Ltd is paying about RM140.6 per square foot for 65 acres of land in Tanjung Kupang, Iskandar Puteri, after Paragon Globe Bhd's shareholders approved the RM398.11 million sale on 27 October 2026.
The arithmetic: 65 acres is about 2,831,400 sq ft, and RM398,110,000 divided by that comes to roughly RM140.6 psf. The Star gave the area as approximately 26.3 hectares, which converts to the same figure within a few cents. The seller is PGB Landmark Sdn Bhd, a wholly owned subsidiary of Paragon Globe, and the buyer is DayOne Data Centers Malaysia I Sdn Bhd, according to The Edge and The Star.
The more telling comparison is with what Paragon Globe itself had planned for the site. The land was earmarked for the first phase of an industrial development of 88 factory units with an estimated gross development value, or GDV, of RM419.1 million, The Edge reported. GDV is the total sales a project is expected to bring in once built. The cash sale price is about 95% of that figure, paid for the land alone, with no factories to build and sell.
Executive chairman Datuk Seri Edwin Tan Pei Seng put it in those terms in a statement, saying the company chose to accept an offer for the site rather than tie up its cash for years building factories on it. "We want to keep growing, but liquidity must always come first," he said, as quoted by The Edge.
Paragon Globe expects a net pro forma gain of RM187.43 million from the sale, it said in a filing with Bursa Malaysia, The Star reported. Under a staged payment structure, PGB Landmark had already received RM228.91 million, or 57.5% of the price, by 28 September, and completion is targeted for the second half of 2027, according to The Edge. At the extraordinary general meeting, 24 shareholders holding 522.45 million shares voted for the sale and two holding 202 shares voted against.
The company has set out uses for RM259.1 million of the proceeds: RM146 million for ongoing projects including Calia Residences and Kensley Square @ Kensington Parkview, RM56 million to repay part of its bank borrowings, and RM57.1 million for future land or property purchases, The Edge reported. The Star said the repayment should save about RM3.09 million in interest a year. The reports did not account for the rest of the RM398.11 million.
What neither report said is what DayOne will build in Tanjung Kupang, when, or how many jobs it will bring. Until the buyer says so, the RM140.6 psf is the one hard number on what a data centre company will pay for a large site in this part of Iskandar Puteri.
Sources: The Edge Malaysia, The Star.
