AMBANK Group has provided an RM450 million financing facility to Tanjung Pinang Development (TPD), a wholly owned subsidiary of Eastern & Oriental Bhd (E&O), to bolster the sustainable development initiatives on Andaman Island in Penang.
The move aligns with AmBank's commitment to achieving substantial financing volume this fiscal year, with a total disbursement of RM1.3 billion already underway, including support for key projects like Andaman Island.
Andaman Island is deeply rooted in sustainable practices, with every building designed to meet green building certification standards.
E&O is collaborating closely with architects and builders to reduce the use of new raw materials and select eco-friendly building materials to reduce the island's carbon footprint and enhance material sustainability.
AmBank group CEO Datuk Sulaiman Mohd Tahir highlighted the significance of this partnership in promoting environmentally responsible initiatives and supporting a more sustainable future.
He said the collaboration with TPD complements AmBank's longstanding association with E&O group, known for its leadership in sustainable residential projects.
He expressed confidence in the partnership's ability to drive positive change and provide financing solutions that empower E&O group to continue its remarkable work in sustainable real estate development.
AmBank group MD (business banking) Christopher Yap expressed the bank's commitment to supporting sustainable development projects with E&O and TPD, emphasising the shared goal of building a greener economy.
He praised E&O and TPD's portfolio of award-winning green developments and their commitment to sustainability, setting high standards for responsible real estate development.
Meanwhile, E&O executive chairman Datuk Tee Eng Ho noted the ongoing support from AmBank and the ambitious vision for Andaman Island Phase 1, with an expected gross development value exceeding RM17 billion over 15 years.
The project focuses on sustainable living, connectivity and community building, with Andaman Island Phase 1 already achieving GreenRe Platinum Provisional Certification, marking a significant milestone in sustainable township development in Malaysia.