OCBC Bank (M) Bhd has signed an RM299.5 million bridging loan agreement with Astrum Ampang Sdn Bhd as part of its agenda to encourage and enable millennials to consider sustainable urban housing.
According to OCBC Bank MD and corporate and commercial banking head Jeffrey Teoh, the bridging loan agreement comes at a time of growing market recovery and the increasing need to provide sustainable options for millennials to own quality homes in the city.
“We are pleased to commit the bridging loan amount for the Astrum Ampang project because the development aspires to meet the two criteria of being sustainable and affordable,” Toh said in a statement today.
“We certainly see a growing appetite for sustainability-linked properties and would like to finance more of these,” he said in reference to OCBC Bank’s other sustainable financing initiatives recently.
The Astrum Ampang project comprises 5,228 SoHo (small office/home office) transit homes, Rumah Mampu Milik SoHos and serviced apartments along with 27 retail units with a total gross development value of RM1.6 billion.
Its units are priced at as low as RM230,000 to offer the opportunity to single executives, start-up entrepreneurs, young professionals and first-time homebuyers to own a property in the urban city area.
Speaking for Astrum Ampang, Setia Awan Group Central Region COO James Bruyns said the bridging loan enables the company to progress without obstacles toward the completion of the first phase in 2026.
“Financing from a bank that has sustainability as a significant part of its agenda counts for a lot as there is a shared principle for engaging in the exercise. We are like-minded in our recognition of the heavy vehicle traffic and pollution that are increasingly becoming issues of concern, not to mention the rising costs of purchasing and maintaining motor vehicles, parking payments and fuel.
“Ultimately, we intend to increase homeownership among the B40 and M40 (bottom 40% and middle 40% income groups), which is part of our corporate social responsibility. We aim to establish a market presence in the Greater Klang Valley as a responsible developer that provides quality and affordably-priced homes,” he said. — TMR/pic source: astrumampang.com.my