AmBank Group Grants RM130 Million Green Financing For Sustainable Development Project In Penang

Representational image. Credit: Canva

AmBank Group has provided an RM130 million green financing facility to Persada Mentari Sdn Bhd (PMSB) to support the development of Arica at Andaman Island and 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), serves as the developer for the unique Andaman Island project, characterized by sustainable living, excellent connectivity, and lush landscaping. The project was recently awarded the provisional GreenRE Platinum Certification.


Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer of AmBank Group, expressed his pleasure in supporting Persada Mentari Sdn Bhd in providing green financing facilities for this environmentally friendly project. He emphasized the potential to make a positive impact on the environment and create a brighter future for future generations through this partnership, showcasing AmBank Group’s commitment to promoting and optimizing sustainable financing and contributing to a sustainable and resilient economy.

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Christopher Yap, Managing Director of Business Banking at AmBank Group, congratulated PMSB on their recent win in the provisional GreenRE Platinum Certification. He expressed the honor of supporting PMSB’s vision of constructing a township based on sustainable principles and practices, acknowledging the increasing awareness of the benefits of sustainable financing. Yap expects an increase in investment and sustainable initiatives, contributing to the growth of Malaysia’s national economy through the Arica project.


Datuk Tee Eng Ho, Executive Chairman of Eastern & Oriental Berhad, explained that Arica is E&O’s second serviced residence project, aligned with sustainability principles, and recently received the GreenRE Platinum Provisional Certification under the residential category from Malaysia’s Real Estate and Housing Developers Association (REHDA). The green financing facility provided by AmBank signifies their commitment to sustainable developments and embracing green building technology initiatives. Datuk Tee Eng Ho expressed confidence in completing the Arica project by the end of 2026.

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The facilities granted by AmBank will allow PMSB to focus on the green aspects of the project, which form its design foundation. Arica, located majestically in Penang City, aims to be a serene, well-rounded sanctuary, appealing to all age groups seeking a lifestyle-oriented home. Attractively furnished and equipped units range from 947 to 1,259 square feet, offering efficient and practical layouts for optimal living. Arica prioritizes active and communal living with thoughtfully crafted personal and professional spaces in the common areas, complemented by well-planned outdoor and indoor amenities.

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. The collaboration with AmBank Group reinforces PMSB’s vision of creating a sustainable and thriving community on Andaman Island.

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