AmBank Group has been appointed as the financier for the upcoming and future projects with an RM130 million green financing facility given to Persada Mentari Sdn Bhd (PMSB).
The financing is 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, 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 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.” said Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group.
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. 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.
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. 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.
