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Thursday, November 17, 2011

RM460mil KL Eco City project to be funded by three Islamic financial institutions

Sustainable city living: (From left) Liew, Ahmad Fuad, Raja Nong Chik and SP Setia deputy president and COO Datuk Voon Tin Yow taking a look at the scaled down model of the mixed development project.

PROPERTY developer SP Setia Berhad, officially launched its KL Eco City project recently with a signing ceremony for a RM460mil syndicated Islamic financing facility provided by three Islamic financial institutions, namely HSBC Amanah Malaysia Berhad, Hong Leong Islamic Bank Berhad and Bank Muamalat Malaysia Berhad.

The syndicated financing facility marks the next step for the developer in realising its vision for KL Eco City which is a joint venture project between SP Setia and Kuala Lumpur City Hall (DBKL). The privatisation agreement with DBKL was inked on Oct 24.

President and chief executive officer of SP Setia Tan Sri Liew Kee Sin said with all the required funding in place, KL Eco City was ready to take off and targeted to become the new iconic landmark exemplifying sustainable city living in Kuala Lumpur.

KL Eco City is an integrated mixed development comprising commercial and residential components situated on a 24-acre site along Jalan Bangsar just opposite Mid Valley City.

Liew said KL Eco City would transform the former Kampung Haji Abdullah Hukum site into an inner city haven comprising residential towers, serviced apartments, offices and a retail podium which will embody the group’s core development philosophy of — Live Learn Work Play in an urban setting.

The project is expected to take 10 years to complete and aims to be the country’s first integrated Green development targeting both the Malaysian Green Building Index (GBI) and US-based Leadership in Energy and Environmental Design (LEED) certifications.

Connectivity wise, the group is investing over RM150mil to link KL Eco City to all major highways. There will also be a pedestrian link bridge across Sungai Klang to connect the development to Mid Valley City.

Liew also shared that a new KTM Komuter station would be built and integrated with the existing Abdullah Hukum LRT station. The developer has also made provisions for an underground station for the proposed MRT line. “This will make KL Eco City a unique 3-in-1 public rail transport hub and the first of its kind in the city,” Liew added.

He said the group’s hard work and perseverance over more than a decade to secure this prime redevelopment site had truly paid off.

Phase 1 of the project comprising strata and boutique offices has been tremendously well received with most units taken-up even before its official launch.

Liew expressed his sincere appreciation to both KL Eco City’s customers for their faith in the project and also to the banks for extending the syndicated financing by saying: “We are thankful for your confidence in the group and look forward to your continued support.”

HSBC Amanah was represented by its chief executive officer Rafe Haneef while Hong Leong Bank Berhad was represented by its Group Business Banking chief operating officer Peter Chow. Representing Bank Muamalat was its deputy chief executive officer Musa Abdul Malik.

The guest of honour at the event was Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Datuk Raja Zainal Abidin, who was accompanied by Kuala Lumpur mayor Tan Sri Ahmad Fuad Ismail.

Raja Nong Chik said KL Eco City was a great milestone for both SP Setia and DBKL as it was a strategic and synergistic public-private sector partnership to realise the government’s mission to transform Kuala Lumpur into a great modern city, as stipulated in the Greater Kuala Lumpur/Klang Valley roadmap.

By The Star

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