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.
Construction firm FBG Holdings Bhd is planning to withdraw from the MediCity project in Penang, according to a filing with Bursa Malaysia. The subsidiary, FBG Land Sdn Bhd, has written to Penang Development Corporation (PDC) to propose an orderly conclusion to their collaboration under the master purchase and development agreement.
The project, located in Bandar Cassia, Batu Kawan, was intended to include a 200-bed specialist hospital, a wellness centre, a healthcare complex, a commercial area known as FBG Global Park, an international school, and residential areas containing serviced apartments and villas. The initial phase was valued at RM2 billion. Discussions are ongoing and further announcements will be made upon any material developments or once an agreement is reached on the terms and conditions.
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- Construction group to pull out of MediCity project in Penang freemalaysiatoday.com
