MREM - Press Releases

JOHOR BAHRU, Sept 30 (Bernama) -- AmBank Group has granted RM115 million financing facilities to Senibong Cove Development Sdn Bhd, a wholly owned subsidiary of WM Senibong Sdn Bhd; and RM78 million to JBB Builders (M) Sdn Bhd, the appointed contractor for the reclamation of 150 acres of waterfront land in Senibong Cove, directly across the Johor Strait from Sembawang, Singapore (“The Project”).
 
Senibong Cove is a luxury waterfront development in Johor Bahru; well-known for its beautiful marina, lush vistas, and spectacular water views. This is an exclusive 215-acres community, situated across the Johor Straits from Singapore, redefining waterfront lifestyle. Today, Senibong Cove boasts an extensive waterfront boardwalk, a world-class marina, lush parks and more than 1,400 completed homes.
 
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 with an estimated GDV of more than RM5 billion, will allow for 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.
 
“Leveraging on the momentum of the recently announced Johor-Singapore Special Economic Zone (JS-SEZ), we are glad to have part-financed this milestone for Senibong Cove. It is important for organizations to embark on sustainable projects to improve the socio-economic status of the nation. We are aware of our responsibility as corporate citizens to contribute towards holistic growth and sustainable development of the community. AmBank recognises the need for accessible financing options to empower businesses in their efforts towards sustainable development. This sprawling development is not only an investment in real estate but an investment in a more sustainable and inclusive future,” said Jamie Ling, Group Chief Executive Officer, AmBank Group
 
Christopher Yap, Managing Director, Business Banking, AmBank Group said, “As part of the bank’s support towards Senibong Cove Development Sdn Bhd and JBB Builders (M) Sdn Bhd, we are pleased to play our part towards the ongoing development of Johor and to deliver socially responsible projects that benefit the broader community in Johor. We believe this reclamation project will continue to spur economic development particularly under JS-SEZ and across Malaysia, paving the way towards a more sustainable and prosperous nation.”
 
CK Quay, CEO, WM Senibong Sdn Bhd said, “AmBank has always been a strong supporter of WM Senibong since we established a banking relationship with them for more than 10 years. We thank AmBank for their dedication and commitment to us. When we decided to embark on the reclamation project, it was not easy to obtain bank financing. But after meeting with AmBank’s top management, the loan was approved expeditiously. We hope this project will be a huge success for all stakeholders.”
 
Dato’ Ng Say Piyu, Chairman and Executive Director of JBB Builders (M) Sdn. Bhd. said, “It is our pleasure to be involved in the Senibong Cove Project. With the support of AmBank Group, we believe we can execute the project efficiently. The participation of this project would be one of our major business milestones and will further enhance our competitiveness to be a leading player in the marine construction industry. Together with the latest government’s policies, we strive for sustainable development and growth in our city.”
 
About AmBank Group AmBank Group is a leading financial services group with over 40 years of expertise in supporting the economic development of Malaysia. We have over three million customers and employ over 8,000 people. The Group was listed on the Main Market of Bursa Malaysia in 1988. It is the sixth-largest banking group by assets in Malaysia, with a market capitalisation of more than RM13 billion as at 31 March 2024. AmBank Group serves over three million individual and corporate customers. It provides services in wholesale banking, retail banking, business banking, investment banking and related financial services which include Islamic banking, underwriting of general insurance, life insurance, family takaful, stock and share broking, futures broking, investment advisory and asset management services in unit trusts and real estate investment trusts. For more information, please visit www.ambankgroup.com For further information, please contact Ridzuan Zulkifli, Senior Vice President, Group Corporate Communications and Marketing, AmBank Group at ridzuan.zulkifli@ambankgroup.com and the Media Relations team at media.relations@ambankgroup.com About Senibong Cove Development Sdn Bhd 
WM Senibong is an affiliated member of Walker Corporation, Australia’s largest private, diversified development company. In Malaysia, WM Senibong is renowned for the waterfront jewel, Senibong Cove and the urban township, Crest @ Austin.
 
A winner of multiple real estate awards and accolades, WM Senibong believes that each and every development is a testament to the company’s deep sense of commitment to sustainability, community, and belonging.
 
WM Senibong builds communities to live, work, socialize, and play and to create homes that are legacies for future generations.
 
Senibong Cove is a luxury waterfront development in JB, well known for its beautiful marina, lush vistas, and spectacular water views. This exclusive 215-acre community, situated across the Johor Straits from Singapore, defines a waterfront lifestyle. Accessible and yet private, Senibong Cove is the perfect sanctuary for the discerning to call home.
 
For more information, please visit https://www.senibongcove.my/
 
For further information, please contact Mr. Chan WC, Director of Business Development & Corporate Finance, WM Senibong Sdn Bhd at wcchan@wmsenibong.com.my and Mr. Vincent Leong, Assistant Manager of Business Development, WM Senibong Sdn Bhd at vincentleong@wmsenibong.com.my

About JBB Builders International Limited 
JBB Builders International Limited was listed on the Main Board of the Stock Exchange of Hong Kong Limited since May 2019. The Group is an established engineering contractor in Malaysia and Singapore which engaged in marine construction services, including reclamation and related works and marine transportation, building and infrastructure services and trading business of marine gas oil.
 
The Group aim to become a leading construction services and management services provider in South East Asia in particular Malaysia and Singapore through delivering high quality standards, reliable services with professional expertise and continuously leveraging our competitive strength and presence in the industry with sustainable financial growth.
 
The Group’s mission is to continuously commit to providing high quality services to our customers; building trust with our business partners; providing a diversified, healthy and safe working environment for our people; and achieving fair return and reward to Shareholders.

For further information, visit www.jbb.com.my Issued by Media Relations Unit, Group Corporate Communications & Marketing, AmBank Group

SOURCE : AmBank Group

FOR MORE INFORMATION, PLEASE CONTACT:
Name : Ridzuan Zulkifli
Senior Vice President, Group Corporate Communications and Marketing
AmBank Group
Email : ridzuan.zulkifli@ambankgroup.com

Media Relations team
Email : media.relations@ambankgroup.com Senibong Cove Development Sdn Bhd Name : Mr. Chan WC
Director of Business Development & Corporate Finance
WM Senibong Sdn Bhd
Email : wcchan@wmsenibong.com.my

Name : Mr. Vincent Leong
Assistant Manager of Business Development
WM Senibong Sdn Bhd
Email : vincentleong@wmsenibong.com.my

--BERNAMA