Poly Glass enters JV deal for property development

KUALA LUMPUR: Poly Glass Fibre (M) Bhd has formed a joint venture agreement with Malvest Properties Sdn Bhd (MPSB) for the construction of residential properties in Tanjung Malim, Perak.

Poly Glass said its wholly owned subsidiary, Golden Approach Sdn Bhd (GASB) entered into the agreement with MPSB.

“GASB owns approximately 5.4 million sq m of leasehold land located at Tanjong Malim and is actively unlocking its value by transforming the area into a sustainable township,” Poly Glass said in a filing with Bursa Malaysia on Monday.

Under the JV, GASB will provide the use of approximately 182,000 square meters of its land adjacent to Proton City, while MPSB will be responsible to leverage its vast experience in property development and knowledge of Malaysian property landscape to conceptualise, develop, construct, market and sell the products through its established sales network

“This JV comes at an opportune time as there is an uprising demand for residential and commercial properties resulting from the continuous expansion of Proton’s plant in Tanjong Malim,” it said.