KUALA LUMPUR (Oct 17): AmBank inked green financing facilities worth RM129.8 million with Avaland Bhd for Alora Residences on Tuesday, the first phase of its green-inspired master plan 2Fifth Avenue in Subang Jaya, Selangor.

The GreenRE Gold-certified Alora Residences is a serviced apartment development. Featuring 770 units with built-ups of 923 to 1,457 sq ft, and priced from RM693,800, the project has a gross development value (GDV) of RM552 million.

Alora Residences is part of the larger 13-acre (5.26-hectare) 2Fifth Avenue mixed development, which comprises serviced apartments, retail and office components. Some 20% of the development footprint is dedicated as green space.

“In line with the recent launch of our Sustainability Roadmap, we are proud to partner with AmBank for our 2Fifth Avenue masterplan with its green-inspired concept. With a total GDV of over RM3 billion, this green city will be a key contributor to Avaland’s growth plans over the next 10 years,” said Avaland chief executive officer Teh Heng Chong during his welcome speech at Tuesday’s collaboration ceremony with AmBank.

Under the collaboration, AmBank will provide RM129.8 million green financing and up to RM54 million end-financing for Alora Residences.

“We truly believe in the power of responsible banking to create a lasting positive impact. By bridging the realms of financing and sustainability, we can build communities that not only meet the needs of the present, but also preserve the vitality of our planet for the generations to come,” said AmBank group CEO Datuk Sulaiman Mohd Tahir at the ceremony.

He added that this collaboration is a testament to the company’s belief in Avaland’s vision, and a significant step towards a realising a greener and more sustainable community in Subang Jaya.

To further enhance its commitment to the recently launched Sustainability Roadmap, Teh shared that Avaland is currently in talks to collaborate with the Malaysian Highway Authority to adopt a six-acre green reserve right next to 2Fifth Avenue to be converted into a community linear park for the benefit of the Subang community.

“We will be creating several green pockets layered with rainforest plant species within the master plan towards creating a diverse ecosystem that helps reduce carbon emissions,” said Teh.

Avaland chief operating officer Aw Sei Cheh further elaborated that 2Fifth Avenue is a master-planned green city from day one, hence many green designs and features have been incorporated into the master plan before the ground-breaking. “It is a myth that building green is expensive. It is not expensive if the project is well planned to be green from the beginning. The overall construction cost of the GreenRE Gold-certified Alora Residences is 2% higher, but it has a significant impact on the environment.”

Some of the green features of Alora Residences include natural ventilation in 89% of the common areas, 100% use of efficient sanitary wares and fittings for all units and common areas, and a minimum of 20% green cement use in construction. 

He added that the first tower of Alora Residences had achieved a 56% take-up rate since its official launch at end-August. The second tower of the development is expected to be opened for sale in the first quarter of 2024.

“As a responsible developer, we must plan effectively from the very beginning of any project in order for the future community to be able to live, work and appreciate the environment created to meet their lifestyle needs. We believe in the age-in-place concept for sustainable development, especially for a large-scale mixed development like 2Fifth Avenue,” said Teh.

He also revealed that the developer is planning to enhance the accessibility of 2Fifth Avenue, involving the surrounding network of the roads as well as linking the USJ21 LRT Station to the development via a dedicated pedestrian bridge.