06 Mar 2024 PGF Capital’s 1,311-acre Tanjong Malim land gets higher residential portion after rezoning approval

Source: https://theedgemalaysia.com/node/703694

KUALA LUMPUR (March 6): PGF Capital Bhd’s unit has obtained authorities’ approval for rezoning of 1,311 acres (530.54 hectares) of land in Tanjong Malim, Perak, increasing the residential portion to 577.51 acres, from 71.81 acres previously.

PGF said its wholly owned unit Golden Approach Sdn Bhd obtained the approval on Feb 7, and fulfilled the technical requirements stipulated in the approval letter on Wednesday.

“The board believes that with the positive approval for rezoning the land, substantially from agricultural to residential, the group will be able to help address housing requirement concerns in Tanjong Malim and contribute positively towards development of the area,” it said in a filing with Bursa Malaysia on Wednesday.

PGF has been touting its plan to develop the land to complement the government’s initiative to transform Tanjong Malim into the Automotive High-Tech Valley (AHTV) for new energy vehicle production, and enhance national car manufacturer Proton’s Tanjong Malim plant into a regional hub.

“Also, with the Perak government’s proactive plans and preparation in place, it is envisioned that approximately 50,000 people, including employees and their families, will reside in Tanjong Malim by 2027, creating a need for sufficient housing,” the group said.

Shares in the Penang-based insulation product maker closed two sen or 1.1% lower at RM1.75 on Wednesday, valuing it at RM287.3 million.