From left: AmBank Group chief executive officer Jamie Ling, AmBank Group managing director of business banking Christopher Yap, Eastern & Oriental Bhd managing director Kok Tuck Cheong and Eastern & Oriental executive chairman Datuk Seri Tee Eng Ho.
KUALA LUMPUR: AmBank Group will provide RM780 million in financing to Tanjung Pinang Development Sdn Bhd (TPD), a subsidiary of Eastern & Oriental Bhd
(E&O), for the Andaman Island project.
In a joint statement today, E&O and AmBank Group said the financing is to support the second phase of reclamation and infrastructure works for the Andaman Island project.
Phase 2 of the project, covering an area of 230.67 hectares (ha), is part of the island’s total area of 307.56 ha, and is expected to be completed by 2028.
E&O managing director Kok Tuck Cheong said the land reclamation cost would be approximately RM4 billion.
"We are still in the process of finalising our master planning for Phase 2, as we are still focusing on Phase 1 at the moment. It does not mean that we will not embark on Phase 2 concurrently with our activities in Phase 1.
"(In Phase 1) we have launched up to six projects (on the island), totalling RM3 billion, comprising waterfront development, landed homes, both semi-detached and terrace houses, as well as condominium units,” he told a press conference after the signing ceremony between AmBank and TPD, here today.
Kok said as the development roadmap progresses, the company will establish a commercial belt, which consists of a mall, office space, service apartments, education facilities, branded residences, and a five to six-star hotel as well.
He said the financing support from AmBank will advance the delivery of reclamation and infrastructure works, ensuring the timely progress of their developments.
He added that the Andaman Island project is a 30-year master plan carrying a gross development value of RM70 billion.
"With its scale, strategic planning, and commitment to sustainability, Andaman will not only redefine world-class island living in Penang but also position itself as an international destination that will attract investors, residents, and visitors from across the globe.
"Our vision is to create a vibrant, future-ready island city that balances progress with nature and community, leaving a legacy for generations to come,” he said. - Bernama
