Kuala lumpur: AmBank Group will provide RM780 million in financing to Tanjung Pinang Development Sdn Bhd (TPD), a subsidiary of Eastern and Oriental Bhd (E and O), for the Andaman Island project. In a joint statement today, E and O and AmBank Group said the financing is to support the second phase of reclamation and infrastructure works for the Andaman Island project.

According to BERNAMA News Agency, Phase 2 of the project, covering an area of 230.67 hectares, is part of the island’s total area of 307.56 hectares and is expected to be completed by 2028. E and O managing director Kok Tuck Cheong said the land reclamation cost would be approximately RM4 billion.

Kok Tuck Cheong noted that they are still in the process of finalizing the master planning for Phase 2 while focusing on Phase 1. He clarified that this does not preclude the possibility of working on both phases simultaneously. Phase 1 has already seen the launch of six projects worth RM3 billion, including waterfront development, landed homes, and condominium units.

Kok further elaborated on the development roadmap, indicating plans to establish a commercial belt featuring a mall, office space, service apartments, education facilities, branded residences, and a luxury hotel. He stated that the financing support from AmBank would facilitate the progress of reclamation and infrastructure works, ensuring timely development.

The Andaman Island project encompasses a 30-year master plan with a gross development value of RM70 billion. Kok emphasized the project’s aim to redefine island living in Penang and establish it as an international destination appealing to investors, residents, and visitors worldwide. He highlighted the vision to create a future-ready island city that harmonizes progress with nature and community.