PETALING JAYA, Bank Pembangunan Malaysia Bhd (BPMB) and Hartasuma Ropeways Sdn Bhd — a wholly owned special-purpose vehicle (SPV) of Hartasuma Sdn Bhd — have officially partnered to deliver the upcoming Penang Hill cable car project.
Hartasuma Sdn Bhd executive director Tan Sri Ravindran Menon (seated, right) and Bank Pembangunan Malaysia Bhd (BPMB) group head of coverage Gerald Goh (seated, left) signing the financing agreement for the Penang Hill Cable Car Project. Witnessing the ceremony (from left) are BPMB managing director, group corporate & investment banking Mohamed Nazri Omar, Penang Chief Minister Chow Kon Yeow and Hartasuma chairman General (R) Tan Sri Zulkiple Kassim.
This key infrastructure initiative, valued at RM367.2 million, aims to improve accessibility to Penang Hill and enhance connectivity to the Penang Hill Biosphere Reserve, while boosting the state’s tourism appeal.
Under the agreement, Hartasuma Ropeways will act as the long-term concessionaire, responsible for the full development, financing, operation, and maintenance of the cable car system.
BPMB’s managing director of group corporate and investment banking, Mohamed Nazri Omar, said the funding reflects BPMB’s mission to support infrastructure that drives sustainable development and long-term economic growth.
“This RM367.2 million financing facility underscores our commitment to supporting sustainable tourism infrastructure that delivers lasting social and economic value,” he said during the MoU signing ceremony in George Town yesterday.
“By enabling this project, we aim to elevate Penang’s status as a premier tourism destination and open up new opportunities for local communities.”
The Penang Hill cable car system will feature a 2.73km route connecting the Penang Botanical Gardens to the summit, with a journey time of approximately 10 minutes. It is designed to accommodate up to 1,400 passengers per hour in each direction and will include three main stations: the Garden Station at the base, a mid-way Turn Station, and the Hill Station at the top.
As an alternative to the existing funicular railway, the cable car is slated for completion by December 2026, followed by a three-month trial and dry commissioning phase before opening to the public.
