MBSB Bank, 59 Inc offer financing for 1st phase of Kota Semarak Galleria

by NURUL SUHAIDI

MBSB Bank Bhd had signed a memorandum of understanding (MoU) with 59 Inc Sdn Bhd to offer property and bridging financing for the first phase of Kota Semarak Galleria in Kuala Lumpur.

Kota Semarak Galleria is a new sustainable mixed-development project, comprising residences and commercial spaces with a gross development value of RM850 million.

Earmarked to be completed in 2027, Kota Semarak Galleria will be equipped with electric vehicle charging stations, a solid waste management system and a rainwater harvesting system, which are aligned with MBSB Bank’s effort in championing the United Nations Sustainable Development Goals (UN SDG).

MBSB Bank head of corporate banking division Noor Hanim Ahmad Kushairi said as an Islamic financial institution, the bank understands the importance of implementing a sustainable framework in its organisation.

“This is why we offer green financing to reduce the adverse impact of climate change.

“For last year alone, we had approved over half a billion ringgit in green financing, to both small and medium enterprises (SMEs) and large corporate clients,” Noor Hanim said in a recent statement.

Meanwhile, TH Properties Sdn Bhd group CEO and 59 Inc director Azman Ibrahim said Kota Semarak Galleria aims to be a springboard to a long-term plan of providing a more environmentally-friendly and sustainable living environment.

“We realised the importance of minimising our ecological footprint and aligning our practices with the UN SDG, especially in the wake of the Covid-19 pandemic,” he said in the statement.

59 Inc is a joint venture property development company owned by TH Properties and Malaysian Resources Corp Bhd.

The MoU signing was held during the ground-breaking ceremony at Kota Semarak Galleria on Jan 15, 2023.