AmBank Group has granted an RM450 million financing facility to Tanjung Pinang Development, a 100% subsidiary of Eastern & Oriental Berhad for the developer’s sustainable development projects of Andaman Island, Penang.
As part of the bank’s aim to achieve significant volume in financing this financial year, the bank is now on track with a total disbursement of RM1.3 billion following its support in key projects such as Andaman Island. Since the launch of its first project, The Meg in Dec 2021, more than 1,400 units have been launched and another 330 units are expected to be launched in the next year.
Every building in the Andaman Island project has been designed to meet Green Building Certification standards. E&O is working closely with its architects and builders to minimise the use of new raw materials; building materials have also been carefully selected to lower Andaman Island’s carbon footprint and improve the lifecycle of materials used.
Datuk Tee Eng Ho, Executive Chairman, Eastern & Oriental Berhad said, “With the continuing support from AmBank, we can realise our vision for Andaman Island Phase 1 which is expected to have a GDV of over RM17 billion and will be developed over period of 15 years.