GEORGE TOWN, Aug 6 — The Penang Hill Cable Car project received a RM367.2 million infusion today after Hartasuma Ropeways Sdn Bhd inked a financing partnership with Bank Pembangunan Malaysia Berhad (BPMB), paving the way for full-scale works to begin.
The signing ceremony marks a critical milestone for the development of a second public transportation mode up the popular tourist destination.
In his speech at the event, Penang Chief Minister Chow Kon Yeow said the timing of the agreement was opportune, coming just as the existing funicular service hits a major milestone.
“As of July 25, the Penang Hill funicular service has officially crossed the one million ridership mark for this year,” Chow said, noting that this surge in visitors highlights the urgent need for new infrastructure on the hill.
“They also make clear that the need for cable car is no longer theoretical; it is urgent,” he asserted.
However, Chow stressed that the cable car is meant to supplement the funicular rather than replace it.
Project details and timeline
Hartasuma Ropeways is a special purpose vehicle under Hartasuma Sdn Bhd. The financing facility from BPMB is the bank’s first blended finance initiative, combining debt financing with an equity investment through its subsidiary, BPMB Dana Sdn Bhd.
The cable car system is designed to carry up to 1,400 passengers per hour in each direction, offering a scenic 10-minute journey from the Penang Botanic Gardens to the summit.
According to Hartasuma executive director Tan Sri Ravindran Menon, the project is expected to be completed and operational by early 2027.
He added that it is also projected to create nearly 400 jobs, foster youth training programmes, and ensure inclusive access for people with disabilities.
