KUALA LUMPUR: Propel Global Bhd
has broken ground on its Riverpoint commercial development in Kuantan, a project with an estimated gross development value (GDV) of RM64mil, marking the group's first foray into commercial property development.
In a statement, the oil and gas services provider said the project, undertaken by its wholly-owned subsidiary Propel Global Development Sdn Bhd, is part of its diversification strategy beyond its core oil and gas and engineering businesses.
Located adjacent to the iconic "Welcome to Kuantan" arch, Riverpoint will comprise 31 units of three-storey freehold shoplots with built-up areas starting from 4,202 sq ft.
Propel Global said the development is positioned along a key gateway corridor into Kuantan and is expected to benefit from infrastructure projects such as the East Coast Rail Link (ECRL) and the continued expansion of Kuantan Port.
Executive director and group chief executive officer Angeline Lee said the project represents an important milestone in Propel Global's diversification strategy and reflects its confidence in Kuantan's long-term growth prospects.
“Leveraging the group’s extensive experience in engineering, construction and project delivery, we aim to establish Riverpoint as a landmark commercial destination and a catalyst for the area’s continued commercial growth, while generating sustainable value for our shareholders, business partners and the wider community,” she said.
