AmBank grants RM193m financing for Senibong Cove reclamation project in Johor Bahru

• “The project, which is expected to be completed in 2028, will involve 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.”

KUALA LUMPUR (Oct 1): AMMB Holdings Bhd (AmBank Group)(KL:AMBANK) has granted financing facilities totalling RM115 million to Senibong Cove Development Sdn Bhd and RM78 million to JBB Builders (M) Sdn Bhd, the appointed contractors for the reclamation of 60.7 hectares of waterfront land in Senibong Cove, Johor Bahru.

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, will involve 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,” the parties said in a joint statement on Monday.

Spanning 87 hectares, Senibong Cove is a luxury waterfront development in Johor Bahru, with an estimated gross development value of over RM5 billion.

Ambank Group chief executive officer Jamie Ling said AmBank recognises the need for accessible financing options, to empower businesses in their efforts towards sustainable development.

He added that the sprawling development is not only an investment in real estate, but also an investment in a more sustainable and inclusive future.

Looking to buy a home? Sign up for EdgeProp START and get exclusive rewards and vouchers for ANY home purchase in Malaysia (primary or subsale)!