OCBC Bank Extends RM351 Mln Financing For Strategic Developments In JS-SEZ
KUALA LUMPUR, June 16 (Bernama) -- OCBC Bank (Malaysia) Bhd (OCBC Bank) has extended RM351 million in financing to See Hong Chen Group and EXSIM to support three strategic real estate developments in the Johor-Singapore Special Economic Zone (JS-SEZ).
In a statement today, the bank said the financing involves a partnership between EXSIM and See Hong Chen Group for the acquisition of freehold land along Jalan Dato Abdullah Tahir, Johor Bahru, earmarked for mixed development with a gross development value of approximately RM1.8 billion.
The bank has also extended the financing to See Hong Chen Group to support the latter’s purchase of additional freehold land parcels in Bandar Johor Bahru.
OCBC Bank’s head of wholesale banking, Jeffrey Teoh said the financing reflects the bank’s continued commitment to supporting sustainable development in the JS-SEZ.
“The JS-SEZ represents a significant opportunity for long-term economic growth, and we are pleased to support our clients in advancing developments that contribute to this region’s progress.
“We are always looking to deliver value that goes well beyond traditional lending by offering integrated financial solutions made possible through the cross-entity and cross-border expertise of OCBC’s One Group, which includes Great Eastern, Bank of Singapore and PacLease,” he said.
Meanwhile, See Hong Chen Group managing director See Cherng Jye said the projects are aligned with the group’s strategy to develop high-impact assets in key growth corridors.
OCBC Bank operates eight branches in Johor, including in Johor Bahru, Skudai, Kulai, and Taman Molek, all situated within the JS-SEZ.
-- BERNAMA