PDC Properties secures financing from Maybank Islamic Bhd to drive major developments in Penang

PDC Properties Sdn. Bhd. (PDCP), a subsidiary of Penang Development Corporation (PDC), has entered into a significant financing agreement with Maybank Islamic Berhad to support several upcoming residential and commercial developments across Penang. The collaboration will provide working capital to facilitate the execution of projects with a total cost of RM1.09 billion.

According to PDCP, the financing will support the development of Cassia Cempaka Phase 3 in Batu Kawan, which will consist of 92 units of double-storey terrace homes with a total project value of RM71 million. Construction for this project is expected to commence in May 2025. Another project included under the financing is Bertam @ Damai Lestari in Kepala Batas, which is already under construction. It comprises 20 semi-detached homes and 28 double-storey terrace units, with a combined value of RM35.2 million.

In addition to these, three projects in the Northeast District have already received planning and building approvals. Burma Square @ Legasi Burma, located along Jalan Burma in George Town, will feature a 27-storey mix of serviced apartments, condominiums, and commercial units, with a total development value of RM511 million. BJ 1 in Bukit Jambul will offer 583 condominium units with an estimated value of RM459.9 million, while One Mutiara in Pantai Jerjak will provide 356 affordable housing units worth RM115.9 million.

PDCP described the financing as a crucial step in accelerating project delivery and enhancing housing options across the state. The collaboration also reflects strong confidence from the banking sector in PDCP’s ability to undertake large-scale, sustainable developments that align with Penang’s long-term urban planning goals.