KUALA LUMPUR: FBG Holdings Bhd is seeking to cease its collaboration with Penang Development Corporation (PDC) for the proposed MediCity joint development project in Batu Kawan, Penang.
In a filing with Bursa Malaysia today, FBG said its wholly owned subsidiary FBG Land Sdn Bhd (FBL) had written to PDC on Aug 21, 2026, regarding the Master Purchase and Development Agreement (PDA) entered into by FBG, FBL and PDC for the project.
"FBG is proposing that the parties discuss an orderly conclusion of the existing collaboration under the PDA,” it said.
The construction and property development group said discussions between FBL and PDC on the cessation are currently ongoing, adding that further announcements would be made upon any material development or once the parties reach an agreement on the terms and conditions of the cessation.
FBG and FBL had entered into the PDA with PDC on Jan 20, 2025.
Under the agreement, FBG anticipated that the first phase of the Penang Medi-City project shall have a gross development value (GDV) of RM2 billion.
About 30 per cent of the phase one development would comprise medical components, including a 200-bed specialist hospital, a wellness centre, and a healthcare complex.
Phase one would also include the construction of FBG Global Park, which will serve as a commercial area, as well as an international school and residential components comprising serviced apartments and villas. - Bernama
