Alliance Bank Malaysia Berhad (“Alliance Bank” or the “Bank”) and Persada Mentari Sdn Bhd (“PMSB”) yesterday signed a Memorandum of Understanding (“MoU”) to encourage sustainable development and living through the ownership of green-certified properties.

PMSB, a special purpose vehicle formed by Tanjung Pinang Development Sdn Bhd (TPD), a subsidiary of Eastern & Oriental Berhad and KWEST Sdn Bhd, a wholly-owned subsidiary of Kumpulan Wang Persaraan (Diperbadankan), is the developer for the Andaman Island project, a unique conception of sustainable living, excellent connectivity, and lush landscaping. The project was recently awarded the provisional GreenRE Platinum Certification this year.

This partnership provides homeowners with fast access to Alliance Bank’s Green Mortgage Financing Package, a competitive financing package with a simple and convenient application process to purchase properties within E&O’s Andaman Island.

“In our aspiration to be a bank for the community and ESG-focused organisation, we continue to innovate and develop customer-centric solutions to meet our customers’ evolving needs. Our collaboration with like-minded partners such as E&O reinforces our commitment to fostering sustainable community and environment. We are enlarging our footprint in the consumer segment and offering end-to-end property financing through collaborations such as this, which facilitates homeowners’ access to our Green Mortgage Financing Package. In addition, this collaboration opens a new avenue for us to expand the Bank’s green propositions in the Northern region, one of our key target markets identified under the Bank’s Acceler8 refreshed strategy,” said Mr Kellee Kam, Group Chief Executive Officer of Alliance Bank.

In line with Alliance Bank’s sustainability goals, the Bank aims to achieve RM10 billion in new sustainable banking business by FY2025 while reducing our greenhouse gas emissions. The Bank is on track towards achieving its target, having recorded RM8.1 billion in new sustainable banking business as at 31 March 2023.
Mr Kok Tuck Cheong, Managing Director of Eastern & Oriental Berhad said, “Our role at E&O as a developer and operator of premium lifestyle developments does not stop at creating economic value and maintaining an excellent track record of delivering products with exceptional value. We also prioritise the importance of preserving the environment and enhancing the well-being of the communities we operate in with a purpose of building a better place for our future generation. The principle of sustainability is clearly at the core of our business as we thrive to integrate sustainability goals, strategies and policies across our group to achieve the right balance between economic success and an ecologically sustainable environment.”

He further added, “The partnership with Alliance Bank to offer the Green Mortgage Financing Package is beneficial for everyone to move towards building a greener future. It represents an initiative to empower home buyers to invest or to live-in in sustainable and eco-friendly homes.”

Adding to the list of the Bank’s green propositions in the consumer segment is the launch of Malaysia’s first in-app Dynamic Card Number feature in the Alliance Bank Visa Virtual Credit Card in April 2023. It enhances customers’ overall experience when they transact online as it is a safer and more secure payment solution. It also provides an ESG-friendly option for customers as it eliminates the need of a physical card, reducing resources used.

Bank Negara Malaysia (BNM) is expected to maintain the overnight policy rate (OPR) at 3.0 per cent for the next six to 12 months, given the persistent downward trajectory of both headline and core inflation.

However, looking ahead, the possibility of price shifts in food and commodities due to the uncertainties surrounding government policies, geopolitical risks and weather conditions could significantly impact the inflation outlook, Kenanga Research said in a note on Tuesday.

“Therefore, it is likely that the BNM will continue to adopt a data-dependent approach in its decision-making process,” it said.

While the ringgit’s recent appreciation towards the RM4.50 per US dollar threshold was short-lived (currently hovering within the range of RM4.54 – RM4.57), Kenanga Research upheld its neutral-to-bullish stance on the local note’s trajectory in the next three to six months due to the weak greenback outlook.

“The US dollar index is expected to trend lower around the 95.0 level in the fourth quarter of 2023 as we expect the United States (US) Federal Reserve (Fed) to turn more dovish amid continued disinflationary dynamics and potential weakening of labour market conditions in the US,” it said.

Despite the recent 25 basis points rate hike by the US Fed, the ringgit managed to recoup some of its losses, following Fed chair Jerome Powell’s dovish remarks during the post-Federal Open Market Committee meeting press conference.

The ringgit was also supported by the increasing market expectations of a potential policy shift amid the unexpected downside reading in the US core consumer price index for June.

Nevertheless, Kenanga Research said the local note was pressured by the widening negative yield differential between the Malaysia-US 10-year government bonds, while weaker yuan resulting from China’s lacklustre macroeconomic data further added to the strain on the ringgit.

Source: Bernama

About The Zen

A mixed development by Asia Green at Bayan Mutiara. It is located next to Tun Dr. Lim Chong Eu Expressway, just a short drive away from the ongoing Penang World City township development by Tropicana Ivory. This development comprises a 46-storey skyscraper with two residential towers, and shop offices located at lower level. The residential component will feature 1,200 affordable units and 730 bigger open market units.

Find out more about The Zen development

Proposed landed residential development by Evergreen Mansion Sdn. Bhd. in Nibong Tebal. Located off Jalan Fajar Indah, just a mere minute’s drive to the state border between Penang and Perak, it is about 5 km from Jawi Toll Plaza, easily accessible to an abundance of nearby amenities via Federal Route 1.

This development will offer a total of 142 units of 2-storey terrace houses. Surround amenities include public schools, eateries, banks and groceries stores.

The project is still pending approval. More details about the development to be available upon its official launch.

Project Name: (to be confirmed)
Location : Nibong Tebal
Property Type : Terrace
Built-up Size: (to be confirmed)
Land Area: (to be confirmed)
Total Units: 142
Land Tenure: (to be confirmed)
Indicative Price : (to be confirmed)
Developer: Evergreen Mansion Sdn. Bhd.

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider, or party in question.

Penang’s new ferries, which arrived recently, officially began operations today.

The first ferry started service at 6.30am from the Pangkalan Sultan Abdul Halim (PSAH) ferry terminal in Butterworth to the Pangkalan Raja Tun Uda (PRTU) ferry terminal here.

Caretaker Chief Minister Chow Kon Yeow boarded the first trip, which marked the official launch of the new ferry operations.

He arrived at the PRTU about 6.45am and was welcomed by Penang Port Sdn Bhd (PPSB) chairman Datuk Syed Mohamad Syed Murtaza.

Chow said the ferry service was an important service, especially for those using the mode of transport to and from work daily.

He said the four new state-of-the-art ferries — Teluk Bahang, Teluk Kampi, Teluk Duyung and Teluk Kumbar — replaced the iconic ferries after its operations were halted.

“These new ferries are far more efficient and comfortable compared to the previous iconic ferries.

“For a start, as announced, the fare will be free for a month. PPSB will absorb the ticket cost.

This is an initiative by the Penang Port Commission (PPC) and PPSB in conjunction with the operations of the new ferries and to reduce the passengers’ financial burden,” he told newsmen at the PRTU here this morning.

Chow said the state government had conducted engagement sessions with PPC and PPSB to ensure the ferry schedule is interconnected with other modes of public transportation, namely the Rapid Penang buses, for the comfort of users.

“PPC and PPSB are concerned with the needs of the ferry users and have prepared a total of 69 trips (both ways) daily with a frequency of every 20 minutes during peak hours and 30 minutes during non-peak hours,” he added.

Meanwhile, PPSB chief executive officer Datuk V. Sasedharan said they were still studying the fare, which will be announced soon.

“Through the 68 trips, we are targeting 100,000 passengers one way for one trip, making it 1.2 million passengers a year.

“This is about 95 per cent of passengers who use the service for work,” he said.

Ferry passengers lauded the new service.

Suraiya Khoo Abdullah, 55, who has not used the ferry service for more than 10 years, said she was thrilled to use the new ferry.

“I did not expect to be among the earliest passenger to board the new ferry.

“I am back here to visit my sister in Batu Maung from Johor and had taken the bus and I am thrilled with the new ferry service, which takes only 10 minutes to cross the island. It is very comfortable.

Zulkhairi Zubir, 40, also shared his joy with the new ferry service.

He said since the beginning of this year, he used the bridge as the ferry service for motorcycles was halted temporarily.

“I am staying in Bagan Ajam, Butterworth and works at the Escape Theme Park in Teluk Bahang.

Without the ferry service, I had to leave home about 5.15am. Now, I can leave home at 7am and still make it in time for work at 8.30am,” he added.

At RM18 million each, the new ferries will be used to carry pedestrians and two-wheelers.

A ferry service has linked Penang Island with Butterworth at the mainland for over 126 years.

In 2020, the state halted the use of the iconic double-decker vehicle-and-passenger ferries and replaced them with speedboat ferry services for passengers.

One of the older ferries then was used to transport bicycles and motorcycles.

Source: NST Online