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Perbadanan Kemajuan Negeri Perak’s 55% owned company Majuperak Holdings Bhd will collaborate to develop assets on land banks totalling 857.75 acres in the city of Perak.
MHB stated that it has entered into a Memorandum of Understanding with PKNPk in order to jointly develop PKNPk’s lands at Bidor, Seri Iskandar and Tronoh to support residential property development.
MHB’s subsidiary, Nexusbase Developments Sdn Bhd has been selected as the master developer of mixed property development projects.
MHB is involved with property development and facility management, and it will also explore opportunities in PKNPk lands in Bazar Ipoh as well as Teluk Batik.
MHB plans to build a floating solar farm in Perak. It cites approximately 1,300 acres worth of water bodies.
MHB stated that the collaboration was intended to encourage direct domestic investment in the city of Perak and create employment opportunities as well as economic activities for the state.
It stated that MHB’s participation in the collaboration will put it in a better place to strengthen its asset holding and core businesses, raise funds for its operations, and projects, improve its financial sustainability and return to profitability.
Both sides expect to conclude negotiations and obtain the appropriate approvals in 12 months of the MoU’s date.