AmBank and PMSB sign financing facilities for award winning green project in Penang
(L-R) Datuk Tee Eng Ho, Executive Chairman, Eastern & Oriental Berhad, Dato' Maznah Abdul Jalil, Chairman KWEST Sdn Bhd, Michael Tan, Director, Persada Mentari Sdn Bhd, Christopher Yap, Managing Director, Business Banking, AmBank Group and Dato' Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group at the Official Exchange of Documents Ceremony between AmBank and Persada Mentari Sdn Bhd for RM130 million Green Financing and Green End-Financing Packages.
Tuesday, 11 July 2023 - AmBank Group has granted a RM130 million green financing facility to Persada Mentari Sdn Bhd (PMSB) to facilitate the development of Arica @ Andaman Island as well as future projects on the island.
PMSB, a special purpose vehicle formed by Tanjung Pinang Development Sdn Bhd (TPD), a subsidiary of Eastern & Oriental Berhad and KWEST Sdn Bhd, a wholly-owned subsidiary of Kumpulan Wang Persaraan (Diperbadankan), is the developer for the Andaman Island project, a unique conception of sustainable living, excellent connectivity, and lush landscaping. The project was recently awarded the provisional GreenRE Platinum Certification this year.
“We are pleased to support Persada Mentari Sdn Bhd in providing green financing facilities for this environmentally friendly project. We believe through this partnership; we can make a real difference not only about making a positive impact on the environment but also to create a brighter future for generations to come. This effort will further demonstrate our commitment in promoting and optimising sustainable financing and we are proud to be part of growing movement with PMSB in their initiatives towards a sustainable and resilient economy,” said Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group.
Christopher Yap, Managing Director, Business Banking, AmBank Group said, “I would like to congratulate PMSB for their recent win in the provisional GreenRE Platinum Certification. We are honoured to support PMSB’s vision towards building a township designed with a strong foundation on sustainable principles and practices. Many investors and businesses are now aware of the benefits of sustainable financing and through this Arica project, we can expect an increase in investment and sustainable initiatives while contributing to the growth of the national economy in Malaysia.”
Datuk Tee Eng Ho, Executive Chairman, Eastern & Oriental Berhad said, “Arica is E&O’s second serviced residence project, which is developed after the success of our first residential development, known as The Meg. Designed to meet Green Building Certification standards, the development is in line with our sustainability principles and has recently received the GreenRE Platinum Provisional Certification under the residential category from Malaysia’s Real Estate and Housing Developers Association (REHDA). With that said, the green financing facility offered by AmBank is a testament to our commitment towards sustainable developments, as well as doing our part in embracing green building technology initiatives to achieve construction quality and environmental sustainability. This facility came at an opportune time and we are confident that Arica will be on track for completion by end of 2026. I would like to take this opportunity to thank AmBank for their unwavering support and trust in our capabilities and our potential for growth. We look forward to continuing our partnership with AmBank as one of our key relationship banks in the near future.”
The facilities granted by AmBank will allow PMSB to focus on the green aspects of the project which is at the heart of its design.
Standing majestically in Penang city, Arica is conceptualised as a serene, well-rounded sanctuary to attract all age groups who are looking for a home that suits their lifestyle. Arica's attractively furnished and equipped units range from 947 square feet to 1,259 square feet. The 2- and 3- bedroom units offer efficient and practical layouts for optimal living. Designed to meet Green Building Certification standards, Arica prioritises active and communal living with personal and professional spaces carefully crafted in the common spaces. Coupled with well-thought-out outdoor and indoor amenities, making a home is a breeze at Arica. In addition to financing the project, AmBank will also be providing a total limit of RM77 million worth of end financing for the residential units.