KUALA LUMPUR (March 29) : Poly Glass Fibre (M) Bhd, which is involved in manufacturing, property development and property investment, has tied up with a Penang-based property developer for the construction of residential properties on a vacant land in Perak.

The group said its wholly owned subsidiary, Golden Approach Sdn Bhd, has entered into a joint venture agreement with Malvest Properties Sdn Bhd (MPSB) to undertake the project

Poly Glass Fibre said Golden Approach owns 5.4 million sq metres of leasehold land in Tanjong Malim and is actively unlocking its value by transforming the area into a sustainable township. It will provide the use of 182,000 sq mtres of its land adjacent to Proton City for the JV.

“The collaboration represents a strategic partnership of both MPSB and Golden Approach that share their vision and values of quality excellence, innovation and sustainability," the group said in a bourse filing.

“This JV comes at an opportune time, as there is an uprising demand for residential and commercial properties resulting from the continuous expansion of Proton’s plant in Tanjong Malim,” it added.

Poly Glass Fibre closed 1.5 sen or 2.58% higher at 60 sen today, valuing the group at RM95.99 million.