Aw (second left) and Jamzidi (second right) shake hands as Teh (left) and Sulaiman clap their hands.
SELANGOR: AmBank has inked green financing facilities with Avaland for Alora Residences, the first phase of 2Fifth Avenue, its sustainable development located in Subang Jaya.
Avaland was represented by chief operating officer Aw Sei Cheh, while AmBank Group was represented by wholesale banking managing director Jamzidi Khalid. The deal includes RM129.8mil in green financing and RM54mil in end financing for Alora Residences.
“We truly believe in the power of responsible banking to create a lasting positive impact. By bridging the realms of financing and sustainability, we can build communities that not only meet the needs of the present but also preserve the vitality of our planet for the generations to come,” AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir said.
“We are proud to be a part of Avaland’s milestone in its sustainability roadmap that reinforces its commitment to integrating sustainable and eco-friendly features into its projects. This collaboration is a testament to our belief in their vision and a significant step towards realizing a greener and more sustainable community in Subang Jaya,” he added.
Ambank has previously signed similar green financing deals with other property developers. Green financing provides home buyers and developers with better rates, as according to Sulaiman, properties with green building certifications have a higher value than properties without.
“At the moment, there’s no such grant given to house buyers nor to developers to do green projects, but for the banks itself… we feel that green buildings have a longer lifetime valuation compared to let’s say a normal building,” he said.
The partnership comes on the heels of Avaland’s green certification for Alora Residences, which received a GreenRE Gold certification.
With a total gross development value (GDV) of over RM3bil, 2Fifth Avenue is a mixed development comprising serviced apartments, retail, and office components. It is estimated to be a key contributor to Avaland’s growth plans over the next 10 years.
The company has plans to convert the six-acre green reserve within 2Fifth Avenue into a community linear park, in collaboration with Malaysian Highway Authority (LLM).
“As a key focus is on improving people’s well-being and lifestyle, 20% of the development footprint is dedicated to green space so that residents can relax amidst the lush environment. We will be creating several green pockets layered with rainforest plant species within the master plan towards creating a diverse ecosystem that helps reduce carbon emission,” Avaland chief executive officer Teh Heng Chong said.
“As a responsible developer, we must plan effectively from the very beginning of any project in order for the future community to be able to live, work and appreciate the environment created to meet their lifestyle needs. We believe in the age-in-place concept for sustainable development, especially for a large-scale mixed development like 2Fifth Avenue,” Teh added.
Alora Residences is proposed to have smart home-ready infrastructure, with smart switches as well as smart apps for security and property management. The developer also has plans to link the USJ21 LRT station to the development via a dedicated pedestrian bridge.
With a GDV of RM552mil, Alora Residences comprises 770 serviced apartments and eight retail units. The units have build-ups of 923 sq ft to 1457 sq ft, priced from RM693,800 onwards.
Stay ahead of the crowd and enjoy fresh insights on real estate, property development, and lifestyle trends when you subscribe to our newsletter and follow us on social media.
