KUALA LUMPUR: Johor-based property developer Paragon Globe Bhd and Solarvest Holdings Bhd have mutually terminate the memorandum of understanding (MoU) to develop a green industrial township after the group disposed its land to a data centre company.
The group said the termination of the MoU, which was signed in February 2024, is align with the strategic restructuring of the Desa Cemerlang project.
Paragon Globe said the decision was made following the disposal of 19 hectares of freehold land within DESA 100 to Bridge Data Centres Malaysia IV Sdn Bhd and 8.0 hectares to Bridge Data Centres Malaysia VI Sdn Bhd, collectively known as Bridge Data Centres Malaysia.
Executive chairman Datuk Seri Edwin Tan said the decision was made after careful consideration of the evolving landscape of Desa Cemerlang project.
"However, we remain steadfast in our commitment to sustainable development and ESG principles. We value our partnership with Solarvest and look forward to exploring future collaborations once our revised plans are finalised.
"Our vision for Desa Cemerlang remains unchanged: to create a vibrant industrial hub that aligns with market needs, ESG goals, and the aspirations of Johor's stakeholders," he said in a statement today.
Paragon Globe's share price remained unchanged at 37.5 sen, valuing the company at RM280 million.