03 Jan 2024 PGF Capital plans RM3bil development near Automotive High-Tech Valley
Glass mineral wool insulation maker, PGF Capital Bhd is planning to turn its 161.87 hectare land near the Automotive High-Tech Valley (AHTV) in Proton City, Tanjong Malim, Perak, into a RM3 billion self-sustaining township over the next 10 to 15 years.
S. Joan Santani
KUALA LUMPUR: Glass mineral wool insulation maker, PGF Capital Bhd is planning to turn its 161.87 hectare land near the Automotive High-Tech Valley (AHTV) in Proton City, Tanjong Malim, Perak, into a RM3 billion self-sustaining township over the next 10 to 15 years.
This development aims to complement the growth of AHTV and will include over 6,000 residential and commercial units with an estimated total value of RM3.0 billion.
The integrated township project also includes 99.27 ha of agriculture plantations, 21.61 ha for aquaculture activities, 119.58 ha for eco-tourism, 23.55 ha for an eco-retreat, and 29.01 ha for lifestyle communities, including a retirement and wellness village.
This initiative reflects PGF Capital’s commitment to creating not just a township, but a harmonious and sustainable living environment.
PGF Capital group chief executive officer Fong Wern Sheng said its property development plan is currently undergoing review and awaiting approval from the Perak government.
“We aim to launch our first phase by 2024. “We have signed a 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,” he said in a statement today.
With an estimated GDV of RM600.0 million, Phase 1 will offer 1,808 units of residential and commercial properties tailored to different market needs.
PGF Capital’s development plan includes the integration of technology for sustainability living.
This 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’s financial position remains strong with low gearing of 0.06 times as at August 31, 2023.