(From left) Jamie Ling, Group Chief Executive Officer of AmBank Group, Quay Chew Keong, Chief Executive Officer of WM Senibong, Ling Ngie Soon, Project Director of WM Senibong, Christopher Yap, Managing Director of Business Banking, AmBank Group, Brian Lam Fung Eng, Executive Director of JBB Builders International Limited and Dato’ James Ng Say Piyu, Co-Founder, Chairman of the Board and Executive Director of JBB Builders International Limited at the signing ceremony.
Monday, 30 September 2024 - AmBank Group has granted RM115 million financing facilities to Senibong Cove Development Sdn Bhd, a wholly owned subsidiary of WM Senibong Sdn Bhd; and RM78 million to JBB Builders (M) Sdn Bhd, the appointed contractor for the reclamation of 150 acres of waterfront land in Senibong Cove, directly across the Johor Strait from Sembawang, Singapore (“The Project”).
Senibong Cove is a luxury waterfront development in Johor Bahru; well-known for its beautiful marina, lush vistas, and spectacular water views. This is an exclusive 215-acres community, situated across the Johor Straits from Singapore, redefining waterfront lifestyle. Today, Senibong Cove boasts an extensive waterfront boardwalk, a world-class marina, lush parks and more than 1,400 completed homes.
The Project is an extension of the Senibong Cove masterplan and expansion of landbank to provide more high-quality designed homes in curated communities. The Project which is expected to be completed in 2028 with an estimated GDV of more than RM 5 billion, will allow for the development of more than 4,000 high end terraces, apartments, hotels and serviced apartments, retail, and customs and immigration clearance facility for private leisure craft and yachts.
“Leveraging on the momentum of the recently announced Johor-Singapore Special Economic Zone (JS-SEZ), we are glad to have part-financed this milestone for Senibong Cove. It is important for organizations to embark on sustainable projects to improve the socio-economic status of the nation. We are aware of our responsibility as corporate citizens to contribute towards holistic growth and sustainable development of the community. AmBank recognises the need for accessible financing options to empower businesses in their efforts towards sustainable development. This sprawling development is not only an investment in real estate but an investment in a more sustainable and inclusive future,” said Jamie Ling, Group Chief Executive Officer, AmBank Group
Christopher Yap, Managing Director, Business Banking, AmBank Group said, “As part of the bank’s support towards Senibong Cove Development Sdn Bhd and JBB Builders (M) Sdn Bhd, we are pleased to play our part towards the ongoing development of Johor and to deliver socially responsible projects that benefit the broader community in Johor. We believe this reclamation project will continue to spur economic development particularly under JS-SEZ and across Malaysia, paving the way towards a more sustainable and prosperous nation.”
CK Quay, CEO, WM Senibong Sdn Bhd said, “AmBank has always been a strong supporter of WM Senibong since we established a banking relationship with them for more than 10 years. We thank AmBank for their dedication and commitment to us. When we decided to embark on the reclamation project, it was not easy to obtain bank financing. But after meeting with AmBank’s top management, the loan was approved expeditiously. We hope this project will be a huge success for all stakeholders.”
Dato’ Ng Say Piyu, Chairman and Executive Director of JBB Builders (M) Sdn. Bhd. said, “It is our pleasure to be involved in the Senibong Cove Project. With the support of AmBank Group, we believe we can execute the project efficiently. The participation of this project would be one of our major business milestones and will further enhance our competitiveness to be a leading player in the marine construction industry. Together with the latest government’s policies, we strive for sustainable development and growth in our city.”
