AMBANK AND AVALAND TIES UP
FOR RM129.8 MILLION GREEN FINANCING FOR ALORA RESIDENCES IN SUBANG JAYA
AmBank also offers up to RM54 million end financing for Alora Residences, the 1st phase of Avaland’s 2Fifth Avenue development
AmBank has inked green financing facilities with Avaland for the first phase of its latest sustainable development, 2Fifth Avenue – a green-inspired masterplan in Subang Jaya. This strategic partnership underscores AmBank’s unwavering dedication to its environmental responsibility and the advancement of sustainable communities. The partnership is also a validation of Avaland’s initial green achievement for Alora Residences which obtained GreenRE Gold certification recently as well as the sustainable designs and plans for 2Fifth Avenue.
Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group said “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 meets the needs of the present but also preserve the vitality of our planet for the generations to come.”
He added “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 a realizing a greener and more sustainable community in Subang Jaya.”
Teh Heng Chong, Chief Executive Officer of Avaland said, “In line with the recent launch of our Sustainability Roadmap, we are proud to partner with AmBank for our 2Fifth Avenue masterplan with its green-inspired concept. It is a mixed development comprising serviced apartments, retail, and office components. With a total GDV of over RM3 billion, this green-inspired masterplan will be a key contributor to Avaland’s growth plans over the next 10 years.”
Avaland is in talks to collaborate with Malaysian Highway Authority (LLM) to adopt a 6-acre green reserve to be converted into a community linear park in 2Fifth Avenue for the benefit of the Subang community.
“2Fifth Avenue is to be a place where people can live, work and play in a sustainable manner. As a key focus is on improving people’s wellbeing and lifestyle, 20% of the development footprint is dedicated as 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,” Teh explained.
Avaland also plans to enhance the accessibility of the development involving the surrounding network of roads as well as linking the USJ21 LRT Station to the development via a dedicated pedestrian bridge.
“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,” said Teh.
The developer is also future-proofing homes in the masterplan development, starting with Alora Residences by providing smart switches for the living room, plus smart home-ready infrastructure for future home upgrades and smart apps for security and property management.
With a total GDV of RM552 million, Alora Residences comprises 770 serviced apartments and 8 retail units on the ground floor, including a drive-through outlet. Alora Residences serviced apartments have built ups of 923 to 1,457 sq ft with units priced from RM693,800 onwards.
This tie-up with Avaland is part of AmBank’s broader commitment to integrate environmental, social and governance considerations into its business practices. By earmarking funds into green financing, AmBank aims to be a catalyst for positive change in the communities that they serve.
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