Mulpha International’s Australian unit secures A$160m green syndicated construction facility

• The purpose of the facility is to finance the construction of Stage 1 of Norwest Quarter, a mixed use residential apartment development in Norwest, Australia, said the group in a bourse filing on Tuesday (May 2). 

KUALA LUMPUR (May 2): Mulpha International Bhd has secured a A$160 million (RM478 million) green syndicated construction facility in Australia. 

The purpose of the facility is to finance the construction of Stage 1 of Norwest Quarter, a mixed use residential apartment development in Norwest, Australia, said the group in a bourse filing on Tuesday (May 2). 

Its indirect unit Mulpha Norwest Quarter Development Pty Ltd accepted the RM478 million facility jointly from Australia and New Zealand Banking Group Ltd and Clean Energy Finance Corporation. 

Norwest Quarter (formerly known as The Greens, Norwest City) comprises a series of nine high-rise towers, ranging from eight to 26 storeys, housing a total of 864 residential apartments, according to Mulpha International’s 2022 annual report. 

The building is intended to be carbon neutral by incorporating state-of-the-art technology throughout the design and development process. 

Mulpha International’s net profit for the financial year ended Dec 31, 2022 dropped 80.4% to RM84.88 million from RM432.9 million, due to a one-off gain in the previous year, which arose from the disposal of its associate Education Perfect amounting to RM420.9 million as well as underperformance of the property division.

Revenue grew 23.3% to RM970.92 million, from RM787.22 million previously, driven by strong performances of the hospitality and investments as well as other divisions.

On Tuesday, shares in Mulpha International closed up one sen or 0.41% at RM2.45, giving the diversified group a market capitalisation of RM762.39 million.