Senibong Cove Development Sdn Bhd and JBB Builders (M) Sdn Bhd, the appointed contractors for the reclamation of 60.7 hectares of waterfront land in Senibong Cove, Johor Bahru, have received financing facilities totalling RM115 million and RM78 million, respectively, from AMMB Holdings Bhd (AmBank Group) (KL:AMBANK), Bernama reported.
The project is a landbank extension and extension of the Senibong Cove masterplan, with the goal of building more well-designed homes in carefully selected communities.
“The project, which is expected to be completed in 2028, will involve the development of more than 4,000 high-end terraces, apartments, hotels, serviced apartments, retail, customs, and immigration clearance facilities for private leisure craft and yachts,” the parties said in a joint statement.
The financing agreement was signed by Christopher Yap, MD of AmBank Business Banking, Quay Chew Keong, Chief Executive Officer of WM Senibong, and Dato’ James Ng Say Piyu, Co-Founder, Chairman of the Board, and Executive Director of JBB Builders International Limited.
Also present at the signing ceremony were Jamie Ling, AmBank’s Group CEO, Ling Ngie Soon, Project Director of WM Senibong, and Brian Lam Fung Eng, Executive Director of JBB Builders International Limited.
Senibong Cove, a luxurious waterfront development in Johor Bahru, is estimated to have a gross development value of more than RM5 billion. It spans 87 hectares.
Jamie Ling stated that the bank acknowledges the necessity of easily accessible financing options to enable businesses to support sustainable development.
He added that the sprawling development is not only an investment in real estate, but also an investment in a more sustainable and inclusive future.
