Public Bank, Sunway Property in financing deal

PETALING JAYA: Public Bank Bhd and Sunway Integrated Properties Sdn Bhd (Sunway Property) have signed a memorandum of understanding (MOU) to collaborate on property financing for green and sustainable development projects.

Public Bank managing director and chief executive officer Tan Sri Tay Ah Lek said with the MOU, customers who purchased green-certified properties for both residential and non-residential properties developed by Sunway Property will get to enjoy the bank’s Special Sustainable Financing Package.

“Through this package, customers will get preferential pricing, fast lane approval and a financing option to purchase eco-friendly and energy-efficient appliances, fixtures and fittings to further enhance the sustainability elements of their properties,” he said in a statement yesterday.

The MOU is aligned with Public Bank’s sustainability mission to pursue climate action and contribute towards global climate solutions, he said.

“In line with Public Bank’s commitment to be carbon-neutral by 2030 and net-zero by 2050, the bank will be mobilising Rm40bil in environmental, social and governance (ESG) friendly financing by 2025, including making green building financing more accessible to customers.

“As the leading property financier in the country with a strong market share of 20.5% and 33.8% respectively in residential and non-residential properties financing as of June 2022, Public Bank is certainly well positioned to encourage green property ownership in the country,” he shared.

Sunway Property managing director Sarena Cheah commented that in alignment with the Sunway Group, the company has set five ESG goals with 19 targets to fully support Malaysia’s transition to a low-carbon, climate-resilient economy by 2030, with sights set on net-zero by 2050.

The first of these goals is to drive the transformation of Sunway Property’s developments into low-carbon, sustainable cities and aims to reduce emissions, achieve a set of resource efficiency targets, divert waste away from landfills, and certify industrial and construction sites, amongst others, by 2030, she noted.

“We are confident that with this collaboration, we can synergise our strengths and deliver value to the larger community as well as drive the 2030 agenda forward.

“We look forward to working with Public Bank to do well by doing good,” she added.