Apart from manufacturing and agriculture businesses, PGF Capital also engages in property development through Golden Approach Sdn. Bhd (“GASB”). About 1,311.15 acres of leasehold land are owned by this subsidiary company, located in Tanjong Malim, Perak. GASB is the developer of Diamond Creeks Country Retreat (DCCR), a project strategically situated next to Proton City in Tanjong Malim. The distance is approximately 15 km from Tanjung Malim ETS Train Station, 100 km from Kuala Lumpur City Centre and 143 km from Kuala Lumpur International Airport. GASB is currently exploring opportunities to maximize the value of the land.
A new township development is set to take place on part of the DCCR land following a joint venture agreement signed between PGF Capital and Malvest Properties consisting of residential properties with a gross development value of 185 million. The project includes more than 500 residential units of various sizes and types to cater to different market needs; with a gross development value of 185 million. The construction is targeted to commence in 2022 and is set for completion in 2024. The joint venture agreement comes at a time of opportunity as demand for residential and commercial properties is increasing due to the continued expansion of Proton’s facilities in Proton City, Tanjong Malim, Perak.
Clover Sdn Bhd was established on 28th February 1989, as one of the early subsidiaries operating under PGF Capital. The company is involved mainly in buying, selling, and financing properties as part of the Group’s core businesses. Clover’s real estate portfolio currently includes a 12-storey Hexagon Tech Park; a low-density freehold office building situated in Georgetown, Penang. The prime location of the building offers exceptional connectivity to famous landmarks and various amenities on the island. With Penang’s real estate prices recognised as among the highest in the country, the exponential growth in the northern state’s real estate industry is set to unlock new opportunities for the Group in the future.