Developer inks deal with bank for RM100mil bridging loan

Wong (left) and Lau exchanging documents after the signing of the agreement.

Wong (left) and Lau exchanging documents after the signing of the agreement.

MELAKA: Melaka-based property developer Tanjung Ratna Sdn Bhd has signed an agreement for a RM100mil bridging loan with Maybank Berhad to finance the construction of its Admiral Residences condominium project in Taman Kota Laksamana.

Chief executive officer Datuk Julian Lau signed on behalf of Tanjung Ratna while Maybank was represented by Jason Wong, managing director of Business Banking, Community Financial Services Malaysia.

Lau said Admiral Residences, with a gross development value of RM500mil, is expected to be completed by the end of 2021.

The developer, he said, was offering much lower prices for Admiral Residences units compared to other apartments in Taman Kota Laksamana.

This is because Tanjung Ratna has introduced several innovations for the project, including the installation of solar panels on its rooftops.

“We can save around RM400,000 annually with regards to maintenance cost with the installation of solar panels.

“All the savings we made will go to our property buyers,” he said.

Once completed, Admiral Residences will be the first luxury condominium in Malaysia equipped with solar panels designed to have an output capacity of a 521.40 kilowatt peak (KWP).

It was reported that once the solar panels were in place, it would generate 720,300 kilowatt hour (KWH) per year or the equivalent of about RM375,996 of savings per year.

Southern & Eastern Region