PGF Capital Bhd group chief executive director Fong Wern Sheng
PETALING JAYA: PGF Capital Bhd
plans to develop its land that is strategically located adjacent to the Automotive High-Tech Valley (AHTV) in Proton City, Tanjong Malim, Perak.
In a statement, the insulation producer said the development is aimed at complementing the growth and progress of AHTV.
PGF Capital plans to develop its land adjacent to AHTV into a self-sustaining integrated township over 10 to 15 years.
PGF Capital said the development will cover 400.0 acres with over 6,000 residential and commercial units at an estimated gross development value (GDV) of RM3bil.
The project also includes 245.3 acres of agriculture plantations, 53.4 acres for aquaculture activities, 295.5 acres for eco-tourism, 58.2 acres for an eco-retreat, and 71.7 acres for lifestyle communities, including a retirement and wellness village.
Group chief executive officer Fong Wern Sheng said its master plan for the land envisions a self-sufficient and vibrant community, integrating residential and commercial spaces with thoughtfully designed amenities and infrastructure.
Fong said its property development plan is currently undergoing review and awaiting approval from the Perak State Government and aims to launch its first phase by 2024.
“We have signed a joint venture agreement (JVA) with Malvest Properties Sdn Bhd, a property developer based in Penang with experience in developing various residential and commercial properties, to jointly develop Phase 1.
“With an estimated GDV of RM600mil, Phase 1 will offer 1,808 units of residential and commercial properties tailored to different market needs. Embracing eco-friendly design and innovative solutions, this development promises to not only foster economic growth but cultivate a modern, vibrant living environment,” he added.
