Eco World Development Group Bhd (EcoWorld) signed a memorandum of understanding with Public Bank Bhd on Sept 4, 2022, to offer special end-financing packages for EcoWorld’s green-certified property projects. The deal was announced at Eco Grandeur, EcoWorld’s largest township in Puncak Alam, Klang Valley. Under the MoU, Public Bank will provide sustainable financing options to customers buying properties that hold certifications from Green Building Index, GreenRE, or other accreditation bodies.
What the financing packages include
Public Bank’s Green 5Home Plan and Green Swift Plan cover both residential and non-residential properties. These packages are part of the bank’s broader green initiatives aimed at helping individuals and businesses reduce their carbon footprint. Features include preferential pricing, fast lane approval, and financing options for customers who want to buy eco-friendly appliances, fixtures, and fittings. The goal is to help buyers enhance the sustainability elements of their property.
Public Bank managing director and CEO Tan Sri Tay Ah Lek said the collaboration would bring positive changes to the planet. “It presents a good opportunity for Public Bank and EcoWorld to jointly promote the green building agenda and be part of the global climate solution for a sustainable planet,” he said.
EcoWorld’s green certification track record
EcoWorld president and CEO Datuk Chang Khim Wah said close to 90% of the developer’s projects to date are green accredited. “The need to take proactive steps to combat climate change has never been more urgent,” Chang said. Both parties are working together to encourage mutual customers to embrace sustainability in their lifestyles, homes, and business premises.
Eco Grandeur and Eco Business Park V (EBP V) are part of a series of green industrial parks being developed in the same vicinity. The combined acreage of these two projects is close to 2,300 acres. Both projects have been funded by Public Bank since 2016, making the bank EcoWorld’s financing partner from the beginning.
Public Bank’s sustainability targets
Public Bank is mobilizing RM40 billion in environmental, social, and governance-friendly financing by 2025. This includes making green building financing more accessible to customers. The bank aims to achieve carbon neutrality by 2030 and net-zero emissions by 2050.
Tay highlighted that while the property sector is an important contributor to the nation’s gross domestic product, studies show the sector drives almost 40% of global carbon emissions. This makes it central to global climate change mitigation efforts. The bank sees the partnership as a way to address that challenge directly.
How EcoWorld approached sustainability at Eco Grandeur and EBP V
EcoWorld laid out a detailed sustainability framework for both Eco Grandeur and EBP V from the outset. At the earliest stage, the gaps and needs of the site were analyzed. This included issues faced by the local and surrounding communities. The developer assessed how those issues could be improved and mitigated after acquiring the abandoned site in 2016 from its previous developers.
The framework reflects EcoWorld’s long-term sustainability aspirations. It covers environmental performance, community impact, and building design standards. The developer says these measures are designed to create lasting value for residents and businesses in the area.
The partnership between EcoWorld and Public Bank ties together financing and development in a way that rewards green building practices. Buyers get better loan terms for choosing certified properties. Developers get a clear incentive to pursue accreditation. Banks get to deploy capital toward climate-friendly assets. The MoU signed in September 2022 is one example of how Malaysia’s property and banking sectors are aligning with national sustainability goals. Whether these efforts will meaningfully reduce emissions depends on how many buyers take up the offer and how quickly the industry moves beyond voluntary certifications.
