03 Jan 2024 PGF Capital plans RM3 bil GDV development near Automotive High-Tech Valley
KUALA LUMPUR (Jan 3): PGF Capital Bhd plans to develop a self-sustaining integrated township with an estimated gross development value (GDV) of RM3 billion adjacent to the Automotive High-Tech Valley (AHTV) in Proton City, Tanjong Malim, Perak.
In a statement on Wednesday, the company said the strategic development with over 6,000 residential and commercial units would take place over 10 to 15 years on 161.87 hectares (ha) of land.
PGF Capital said the comprehensive project also includes 99.27 ha for agriculture plantations, 21.61 ha for aquaculture activities, 119.58 ha for eco-tourism, 23.55 ha for an eco-retreat, and 29.02 ha for lifestyle communities, including a retirement and wellness village.
“This comprehensive initiative reflects PGF Capital’s commitment to creating not just a township, but a harmonious and sustainable living environment,” it said.
PGF Capital said it was leveraging AHTV’s potential as China’s automotive powerhouse Zhejiang Geely Holding Group Co Ltd is investing RM46.8 billion to develop the AHTV as Malaysia’s next-generation vehicle hub.
Group chief executive officer Fong Wern Sheng commented that the master plan for the land envisions a self-sufficient and vibrant community, integrating residential and commercial spaces with thoughtfully designed amenities and infrastructure.
“Geely has proposed the construction of a university, and we are delighted that the Perak state government is exploring suitable locations for such a facility.
“Our property development plan is currently undergoing review and awaiting approval from the Perak state government. We aim to launch our first phase by 2024,” he said.
Fong said that PGF Capital had signed a joint venture agreement with Malvest Properties Sdn Bhd, a property developer based in Penang, to jointly develop Phase 1 with an estimated GDV of RM600 million, which will offer 1,808 units of residential and commercial properties tailored to different market needs.
“The development plan includes the integration of technology for sustainable living, which encompasses initiatives such as electric vehicle shuttles for a greener transportation option, artificial intelligence-enhanced security systems for a safe living environment and the adoption of solar energy to mitigate carbon emissions and reliance on traditional power sources,” PGF Capital added.