For almost two decades the land at Puncak Alam sat abandoned. Today it holds Eco Grandeur, EcoWorld’s largest township, and it was the backdrop for a financing deal between the developer and Public Bank.
The Star reported that Eco World Development Group Bhd signed a memorandum of understanding with Public Bank Bhd, under which the bank will offer a special end-financing package to people buying EcoWorld properties that hold green certification. Accepted certifications include those from the Green Building Index and GreenRE.
What buyers get
Two Public Bank products carry the package: the Green 5Home Plan for residential property and the Green Swift Plan for non-residential. Pricing is preferential and approvals go through a fast lane. Customers can also borrow to buy eco-friendly, energy efficient appliances, fixtures and fittings for their homes or premises.
Public Bank managing director and CEO Tan Sri Tay Ah Lek said the tie-up “presents a good opportunity” for the two companies to push the green building agenda and be “part of the global climate solution for a sustainable planet.”
The bank has its own targets behind it. It is working toward carbon neutrality by 2030 and net-zero emissions by 2050, and it plans to mobilise RM40bil in environmental, social and governance-friendly financing by 2025, part of which would go to making green building loans easier to get. Tay noted that property is a large contributor to the nation’s gross domestic product, yet studies show it drives almost 40% of global carbon emissions.
The two projects
Eco Grandeur and Eco Business Park V (EBP V), one of EcoWorld’s green industrial parks in the same area, add up to close to 2,300 acres. Public Bank has funded both. It has been EcoWorld’s financing partner since 2016.
EcoWorld president and CEO Datuk Chang Khim Wah said the two firms would work to bring their shared customers around to sustainable living at home and at work. “The need to take proactive steps to combat climate change has never been more urgent,” he said. Close to 90% of EcoWorld’s projects so far are green accredited, he added.
The developer acquired the abandoned site in 2016 from its previous developers and drew up a sustainability framework for both projects from the start. Its first step was to study the site’s gaps and needs, including problems facing the surrounding communities.
One result was social. Eco Grandeur finished and handed over 987 landed units to the original settlers of the land. They had waited more than 20 years for their homes after the earlier developers walked away from the project.
Sources
- EcoWorld in end-financing tie-up with Public Bank
- RM228.2 Million Sales in One Weekend | EcoWorld Singapore
- EcoWorld and Public Bank signed MOU to offer special end-financing package for projects with green certifications
Sources
- EcoWorld in end-financing tie-up with Public Bank | The Star
- EcoWorld and Public Bank signed MOU to offer special end …
