Fajarbaru’s Paragon secures RM300mil financing from Maybank

The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.

KUALA LUMPUR: Fajarbaru Builder Group Bhd, Beulah International and KHK Group, the developers behind luxury apartment project Paragon, have obtained funding facility from Malayan Banking Bhd (Maybank) amounting to about A$100mil (RM300mil). 

In a joint statement, Fajarbaru said a facility agreement was signed between development SPV 320 Queen Street Pty Ltd and Maybank on Thursday. 

Led by Melbourne-based developer Beulah International, Paragon, has secured close to 90% sales. With A$200mil gross development value, the property development features 227 luxury apartments across 48 levels in Melbourne. 

“We are excited to partner Beulah International for our second project in the world’s most liveable city after the completion of our first jointly-developed project, Gardenhill, that has a gross development value of A$77mil. 

“We believe that the Australian property development market will continue to provide a healthy income for Fajarbaru in the coming years, driven by growing deamand for Australian properties from the influx of new arroivals and the local market for high quality Australian properties, Fajarbaru executive director Datuk Seri Eric Kuan Khian Leng said in the statement.