The Andaman Island mixed development project in Penang received a boost when they secured a RM450 million financing facility from AmBank.

The mega project is undertaken by Tanjung Pinang Development, a 100 % subsidiary of Eastern & Oriental Berhad.

The facility will enable for sustainable development projects at the Andaman Island, Penang.

Currently under development on the Andaman Island are the Meg and the Arica high-rise condos.

Sustainable practices and principles are built into its very core on the Andaman Island. This includes the use of new raw materials and building materials to lower Andaman Island’s carbon footprint.

Present at the exchange of documents ceremony was Dato Sulaiman Mohd Tahir, Group Executive Officer, AmBank Group, Christopher Yap, Managing Director, Business Banking, AmBank Group and their management team.

Representing E&O Berhad was Datuk Tee Eng Ho, Executive Chairman, Kok Tuck Cheong, Managing Director and their team.

“This partnership sets a landmark as we come together to embrace our contribution to reducing our environmental impact and promoting a more sustainable future,” said Dato Sulaiman.

Datuk Tee commented that with the continuing support from AmBank, they can realise their vision for Andaman Island Phase 1 which is expected to have a Gross Development Value (GDV) of over RM17 Billion and will be developed over a period of 15 years.