AmBank and Avaland team up to secure RM129.8 mil in green financing for Alora Residences in Subang Jaya

The banking giants also offers up to RM54 mil end financing for Alora Residences

FINANCIAL institution AmBank have inked green financing facilities with Avaland – one of Malaysia’s leading property developers, for the first phase of its latest sustainable development, 2Fifth Avenue – a green-inspired masterplan in Subang Jaya.

This strategic partnership underscores AmBank’s unwavering dedication to its environmental

responsibility and the advancement of sustainable communities.

The partnership is also a validation of Avaland’s initial green achievement for Alora Residences which obtained GreenRE Gold certification recently as well as the sustainable designs and plans for 2Fifth Avenue.

Datuk Sulaiman Mohd Tahir, group chief executive officer of AmBank Group, noted that AmBank believes in the power of responsible banking to create lasting, positive impacts.

“By bridging the realms of financing and sustainability, we can build communities that not only meets the needs of the present but also preserve the vitality of our planet for the generations to come,” he said, adding that the bank was proud to be part of Avaland’s Sustainability Roadmap and share their vision of a greener and more sustainable community in Subang Jaya.

Teh Heng Chong, chief executive officer of Avaland, echoed Sulaiman’s sentiments, noting that with a total GDV of over RM3 bil, this green city will be a key contributor to Avaland’s growth plans over the next 10 years.

Avaland is also in talks to collaborate with Malaysian Highway Authority (LLM) to adopt a 2.4 hectare green reserve to be converted into a community linear park in 2Fifth Avenue for the benefit of the Subang community.

2Fifth Avenue, said Teh, is set to be a space where people can live, work and play in a sustainable manner.

“As a key focus is on improving people’s wellbeing and lifestyle, 20% of the development footprint is dedicated as green space so that residents can relax amidst the lush environment. We will be creating several green pockets layered with rainforest plant species within the master plan towards creating a diverse ecosystem that helps reduce carbon emission,” Teh explained.

Avaland also plans to improve the accessibility of the development involving the surrounding network of roads as well as linking the USJ21 LRT Station to the development via a dedicated pedestrian bridge.

“As a responsible developer, we must plan effectively from the very beginning of any project in order for the future community to be able to live, work and appreciate the environment created to meet their lifestyle needs,” said Teh, adding that Avaland is a big believer in the 'Age-In-Place' concept for sustainable development especially for a large-scale mixed development like 2Fifth Avenue.

The developer is also future-proofing homes in the masterplan development, starting with Alora Residences, by providing smart switches in the living room, smart home-ready infrastructure for future upgrades, and smart apps for security and property management.

Alora Residences, with a total GDV of RM552 million, offers 770 serviced apartments and eight retail units on the ground floor, including a drive-through outlet, with unit prices starting at RM693,800.

This partnership with Avaland is part of AmBank's broader commitment to incorporate environmental, social, and governance (ESG) considerations into its business practices. By allocating funds to green financing, AmBank aims to be a catalyst for positive change in the communities it serves.

Keywords: AmBank, Avaland, property, banking, green financing, ESG, sustainability, partnership, GreenRE Gold certification, Alora Residences, Subang, community, Malaysia