24/09/2025

ESG WEDNESDAY | SEPT 24, 2025

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RM780m loan for Andaman project

o Financing from AmBank will enable E&O to accelerate second phase reclamation works

KUALA LUMPUR: AmBank Group has granted RM780 million in financing facilities to Tanjung Pinang Development Sdn Bhd (TPD), a subsidiary of Eastern & Oriental Bhd (E&O), to support the second phase reclamation and infrastructure works for the Andaman Island development in Penang. The funding marks a significant milestone in E&O’s long-term vision for Andaman Island, a 760-acre reclaimed island off Gurney Drive that is being developed into a sustainable, future-ready urban destination. E&O managing director Kok Tuck Cheong said the facility would enable the group to accelerate reclamation of the 507-acre Phase 2 of Andaman Island, complementing the 253 acres already completed in Phase 1. “This RM780 million facility is meant for the financing of Andaman Phase 2 in Penang. “The second phase covers 507 acres, which together with Phase 1 brings the total to 760 acres of reclaimed land. We expect to complete full reclamation before 2028,” he told reporters after the signing ceremony recently. AmBank Group was represented at the signing ceremony by its managing director of business banking, Christopher Yap, while E&O was by Kok. It was witnessed by AmBank Group CEO Jamie Ling and E&O executive chairman Datuk Seri Tee Eng Ho. Launched in 2015, Andaman Island is part of a 30-year masterplan with a projected gross development value (GDV) of RM70 billion. The project has already seen strong sales for its initial phases, with developments such as The Meg, PETALING JAYA: Part of its ESG commitment to the safety and well being of its people, Tropicana Corporation Bhd partnered with Sunway Medical to extend complimentary healthcare screenings for its foreign workers. To support the welfare of the workforce, particularly those with limited access to healthcare services, the group initiated Phase 1, where the first two projects, Tropicana Golf & Country Resort (TGCR) and Tropicana Alam, acted as the hub for the healthcare screening programme. Held recently at Greens III, TGCR and at the Tropicana Alam site office, a total of 481 workers gathered and were provided with access to essential health screenings to ensure early detection of potential health issues. Tropicana’s group corporate communications and ESG Unit senior general manager Serena Lim said: “Tropicana started its sustainability journey in 2016, and we have since evolved to focusing on our 8 development DNAs and 3 ESG pillars,

Banking & Finance Located in the prime suburb of Petaling Jaya, the 625-acre TGCR gated partnership. “Aside from adopting the right ESG approach and data disclosure on our business practices, the partnership with our associates and the well-being of our people are imperative to us. “This recent healthcare screening exercise with Sunway Medical Centre, together with the participation from our subsidiary TGCR and Tropicana Alam’s main contractor – Kumpulan Kitacon, reflects our dedication to meeting the needs of our people. “This also aligns with our United Nations Sustainable Development Goals (UNSDG) 3 and 17, which are ‘Good health and well-being’ and ‘Partnerships for the goals’. “We believe in the welfare of our workforce and in building sustainable partnerships with our stakeholders, as part of our initiative to futureproof our businesses. We thank everyone involved in this exercise, and value their support.” Arica, Fera and Senna, The Lume, and Maris recording encouraging take-up rates. Kok noted that Phase 1 was completed in 2019 and several projects have since been rolled out successfully. The focus now, he said, is on completing reclamation and infrastructure for Phase 2, while progressing commercial and residential components concurrently. One of the key infrastructure works nearing completion is the Gurney Bridge, a new eight-lane bridge linking the island to mainland Penang. “The Gurney Bridge, which is expected to be completed next month, will reposition the entire island of Andaman within the larger Penang landscape. It is set to reduce travel time by 12 to 15 minutes during peak hours,” Kok said. He added that the improved connectivity would enhance Andaman’s positioning as a destination of choice, supported by E&O’s long-standing reputation for premium lifestyle developments. E&O is also positioning Andaman Island as a model for sustainable urban living. The project has been awarded the GreenRE Platinum Provisional Certification, recognising its eco conscious practices such as rainwater harvesting, renewable energy integration and the provision of ample green spaces. Kok emphasised that sustainability and liveability remain central to the group’s masterplan. “Andaman is predicated on three strong principles, connectivity, liveability and sustainability. We expect no less than 250,000 residents namely people, planet, and

From left: AmBank Group head of commercial banking Patrick Chin, Yap, Kok and Tee at the signing ceremony in Kuala Lumpur.

expand into commercial and hospitality segments. He added that sales momentum has been encouraging despite market headwinds. “Sales have been very strong, with up to 85% of units taken up by local buyers, especially from the northern region. “We are confident this will continue, even though the pace of sales now is slightly different compared to earlier launches.” For E&O, the financing agreement with AmBank provides the resources to continue building momentum while reinforcing market confidence in one of Malaysia’s most ambitious real estate ventures.

reinforces AmBank’s long-standing commitment to sustainable projects that not only drive economic growth but also deliver meaningful impact to communities and the environment,” he added. He said the deal demonstrated AmBank’s ability to structure innovative financing solutions for large-scale projects aligned with Malaysia’s green growth agenda. With an estimated development horizon stretching over three decades, Andaman Island is set to reshape Penang’s urban and economic landscape. Beyond residential units, Phase 2 is expected to feature a commercial belt comprising malls, office spaces, serviced apartments, branded residences, hotels, and education facilities. Kok confirmed that six projects worth RM3 billion have already been launched, while future launches will

upon full completion over the next 30 years. Our commitment is to ensure Andaman is not only a smart city but also a green, sustainable project that complies with ESG principles,” he said. He added that one of E&O’s hallmarks has been the ability to “future-proof” its developments. “If you had bought a property from the group 30 years ago, you would see that it still looks contemporary today. That is the E&O brand, we ensure our products remain fresh and relevant, with strong community spirit and upkeep.” Meanwhile, AmBank’s Yap said the facility reflects the bank’s confidence in E&O’s vision and its role in shaping Penang’s growth. “We are proud to continue our support for Eastern & Oriental in advancing the Andaman Island development. This financing

“Today, with AmBank’s support, we are able to march forward and demonstrate how a collaborative engagement between two significant corporates can shape the future of Penang,” Kok said. Tropicana partners Sunway Medical to support welfare of workers

and amenities as well as convenience and access to numerous facilities, including F&B, golf, education, sports & leisure and wellness. Wholly self-contained, and by focusing on placemaking, the Clubhouse has become the pulse of the entire township. TGCR is now home to grand bungalows, semi-detached homes, villas, luxury condominiums, service apartments, school, retail and hospital. Tropicana Alam is Tropicana’s first mixed development township in Puncak Alam. The 362-acre Tropicana Alam embodies a distinctive blend of heritage and nature with 8 unique key features such as great connectivity to major highways, a secured gated community with single point entry, a 9.5-acre recreational park, a scenic lake and a 1.3km jogging trail. Introducing green components to the townhip, Avisa Residences’ Premium Green Terraces are GreenRE certified, offering spacious and practical layouts.

Education News/Health & Wellness TUES Tropicana, Sunway Medical and Kumpulan Kitacon celebrate their partnership. community is home to thousands of residents and members and is one of the most successful and prestigious resort-living townships in Malaysia. In 1994, TGCR officially unveiled Malaysia’s largest Clubhouse to its residents, members and visitors, providing comprehensive facilities

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