Signing Ceremony for RM780m financing facilities between AmBank Group and Tanjung Pinang Development Sdn Bhd. Documents signed by Mr Christopher Yap, Managing Director of Business Banking, AmBank Group and Mr Kok Tuck Cheong, Managing Director of Eastern & Oriental Berhad, witnessed by Mr Jamie Ling, Group Chief Executive Officer, AmBank Group and Dato’Seri Tee Eng Ho, Executive Chairman of Eastern & Oriental Berhad.

AmBank Group has extended RM780 million in financing facilities to Tanjung Pinang Development Sdn Bhd (TPD), a subsidiary of Eastern & Oriental Berhad (E&O), to support the second phase reclamation and infrastructure works for Andaman Island, Penang, set to complete by 2028.

Andaman Island is envisioned as a 30-year masterplan, carefully crafted to become a benchmark for sustainable island living and a world-class urban destination. More than just a development, it is a long-term transformation that balances progress with environmental stewardship, community integration, and economic growth for Penang. Strategic planning across every phase ensures that Andaman will evolve into a vibrant, future-ready island city that endures for generations to come.

Since its inception, the Andaman Island project has achieved significant milestones. To date, The Meg, Arica, Fera and Senna’s Phase 1 and 2 of the landed and semi-detached homes, The Lume – a luxury condominium designed for discerning urban lifestyle and Maris, a sea fronting condominium with coastal views, received strong market responses. Building on this momentum, Building on this momentum, we have recently soft-launched Phase 3 of Fera and Senna, and Phase 4 is slated for launch soon.

Dato Seri Tee Eng Ho, Executive Chairman of Eastern & Oriental Berhad said, “The anticipated opening of Gurney Bridge by end of 2025 will greatly enhance connectivity to Andaman Island, and accelerate its evolution into a vibrant, fully integrated urban island destination.”

This island has also been awarded the GreenRE Platinum Provisional Certification for its eco-conscious practices, including rainwater harvesting, renewable energy, and green spaces. With the certification in place, all projects on Andaman Island are eligible for green building recognition. The project aims to establish a benchmark for sustainable, liveable communities in Penang, while enhancing the state’s reputation as a hub for innovative and eco-conscious development.

Kok Tuck Cheong, Managing Director of Eastern & Oriental Berhad said, “We are delighted with the continued partnership with AmBank Group in supporting our long-term vision for Andaman Island. This financing will advance the delivery of reclamation and infrastructure works, ensuring timely progress of our developments. Andaman Island is a 30-year masterplan carrying a gross development value of RM70.0 billion. With its scale, strategic planning, and commitment to sustainability, Andaman will not only redefine world-class island living in Penang, but also position itself as an international destination that will attract investors, residents, and visitors from across the globe. Our vision is to create a vibrant, future-ready island city that balances progress with nature and community, leaving a legacy for generations to come.”

Christopher Yap, Managing Director of Business Banking, AmBank Group said, “We are proud to continue our support for Eastern & Oriental in advancing the Andaman Island development. This financing reinforces AmBank’s long-standing commitment to sustainable projects that not only drive economic growth but also deliver meaningful impact to communities and the environment. Andaman Island embodies the kind of transformative, forward-looking development that we are committed to finance. Our partnership with E&O on Andaman also demonstrates our ability to structure innovative financing solutions for large-scale projects that align with Malaysia’s green growth agenda. We look forward to enabling the completion of this landmark development in Penang.”