Construction group to pull out of MediCity project in Penang
FBG Holdings Bhd said its subsidiary had written to Penang Development Corporation proposing an end to its collaboration on the project.
FBG Holdings Bhd, a construction and property development group, has proposed to withdraw from the MediCity project in Penang. The company's wholly-owned subsidiary, FBG Land Sdn Bhd, wrote to the Penang Development Corporation (PDC) to propose an orderly conclusion to their collaboration under the master purchase and development agreement.
The MediCity project, located in Bandar Cassia, Batu Kawan, was intended to feature a 200-bed specialist hospital, a wellness centre, a healthcare complex, and an international school. Additionally, the commercial area known as FBG Global Park would house residential units, including serviced apartments and villas. The initial phase of the project was estimated to have a gross development value of RM2 billion.
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Also reported by 1 other outlet
- Construction group to pull out of MediCity project in Penang freemalaysiatoday.com
