RM140 psf is the cleaner number in Paragon Globe Bhd's latest Johor landbank story. That is roughly what DayOne Data Centers Malaysia III Sdn Bhd is paying for Paragon Globe's proposed disposal of two vacant freehold parcels in Tanjung Kupang, a RM398.11 million cash transaction over 26.42ha.
The arithmetic is simple: 26.42ha is about 2,844,000 sq ft, so the RM398.11 million consideration works out to roughly RM140 psf before transaction costs and conditions. The proposed sale, first announced in June and referenced again in Paragon Globe's 23 September 2026 strategy update reported by EdgeProp, puts a hard market signal on industrial and data-centre-linked land in the Johor-Singapore Special Economic Zone.
The other number is much lower, but it is a different kind of bet. In July, Paragon Globe proposed to acquire additional beneficial interests equivalent to about 195.6 acres in a Sedenak freehold tract for RM127.28 million. Read against the equivalent acreage, that is about RM15 psf, though the structure is a beneficial-interest acquisition in a master land parcel rather than a straightforward parcel sale. Together with an earlier RM13.86 million purchase, the group said it would hold an attributable land position of about 218.1 acres in Sedenak.
That spread - selling one Johor site at a data-centre corridor price while assembling another at a development-pipeline price - is the strategy Paragon Globe is now trying to explain to the market. Its Sedenak concept has an estimated gross development value of RM1.69 billion, with plans previously described as factory units, commercial space and a workers' hostel. The acquisition remains conditional, including on shareholder approval, with completion targeted for the second half of 2027.
At PGB-GSP AutoPark in Iskandar Puteri, the group has named GSP Automotive as the anchor manufacturer. Paragon Globe said that anchor-user model could draw suppliers, logistics operators and other supporting businesses. The latest statement did not identify further committed occupiers, so that part of the thesis is still a pipeline rather than a signed tenant list.
The Tanjung Kupang sale is also conditional. Earlier Bursa-linked reporting said the proposed disposal was expected to generate an estimated RM189.72 million net gain and reduce gearing from 0.73 times to 0.40 times if completed. For the first quarter ended 30 June 2026, Paragon Globe reported RM94.46 million in revenue, up 69.8% year-on-year, and RM24.94 million in profit attributable to shareholders, up 56.4%.
For Johor industrial buyers and investors, the useful read is not that every acre is now a data-centre acre. It is that listed developers are treating JS-SEZ land as two separate assets at once: land to monetise when an infrastructure buyer appears, and land to hold when an anchor occupier can seed a wider industrial park.
Sources: Paragon Globe Bursa announcement mirror on KLSE Screener, EdgeProp, EdgeProp on the Tanjung Kupang disposal.
