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KUALA LUMPUR (July 4): Melaka-based property developer Yong Tai Bhd has formed a joint venture (JV) with PGCG Assets Holdings Sdn Bhd (PGCG) to undertake a commercial and residential project with an estimated gross development value (GDV) of RM510 million.
In a statement today, the property developer said it had signed a memorandum of understanding (MoU) with PGCG last Friday (July 1).
PGCG is a 90%-owned indirect subsidiary of Prime Global Capital Group Inc, a public-listed company in the US.
Yong Tai and PGCG will jointly develop the project on the latter’s 22ha parcel at Puncak Alam in Kuala Selangor, Selangor.
The project will comprise 1,039 units, including 2-storey boulevard shopoffices, stratified affordable shops, surau, community hall, four types of high-rise apartments, two types of affordable apartments, 2½-storey super link homes, 2-storey link homes, 2-storey cluster semi-detached homes, cluster homes, 2-storey semi-detached homes and 2-storey bungalows.
Yong Tai CEO Boo Kuang Loon said the JV will bring significant benefits to the group as it is part of Yong Tai’s expansion strategy to develop and produce high-quality commercial and residential units in the Klang Valley.
“The project will be Yong Tai’s first property development outside Melaka. We are optimistic on the success of this development due to the land’s strategic location. Our plans in this JV are long-term and we are committed to growing this collaboration further,” he added.
