Penang, 24 February 2025 – Bank Pembangunan Malaysia Berhad (BPMB) and Firma Atasan Sdn Bhd (Firma Atasan) have signed a RM18.5 million Tawarruq Financing Facility agreement to support the first phase of the Juru Hills Affordable Housing Project, a large-scale initiative to provide quality affordable homes in Penang.
The financing supports Malaysia’s social housing agenda, aligning with the 12th Malaysia Plan and the country’s Sustainable Development Goals (SDGs). It is also BPMB’s first private-sector ESG-compliant affordable housing initiative.
In reaffirming the Bank’s commitment to supporting impactful projects, BPMB Group Chief Executive Officer Roni Abdulwahab said BPMB is committed to supporting socio-economic projects and strengthening local businesses.
“BPMB is guided by our DNA to deliver impact capital for national development, reaching the unserved and underserved, and strengthening client capabilities. This partnership with Firma Atasan shows our dedication to making homeownership more accessible while ensuring that sustainability remains at the core of urban development,” he said.
Echoing the same sentiment, Firma Atasan Executive Director Chew Why Hoong also emphasised that: “We are integrating essential facilities such as a Youth Learning Centre and a Nursing Home to enhance the well-being of residents. We believe this project will set a new standard for affordable housing in Penang and beyond.”
This project, along with BPMB’s support, aims to address the ongoing housing gap under Penang2030. While there is a target for affordable homes to be completed by 2030, the long-term demand will continue to grow as the population increases, highlighting the need for continued efforts in housing development.
The signing ceremony was attended by YB Dato’ Seri Sundarajoo a/l Somu, Penang Exco for Housing and Environment; as well as senior representatives from BPMB, Firma Atasan, and Harta Intan Group. The event also gathered policymakers, project consultants, and media representatives to strengthen public-private collaboration in housing development.
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About Bank Pembangunan Malaysia
Bank Pembangunan Malaysia Berhad was incorporated on 28 November 1973 as a development financial institution. Owned by Minister of Finance (Incorporated), Bank Pembangunan has been accorded the highest rating of ‘AAA’ by both RAM Rating Services Berhad and Malaysia Rating Corporation Berhad. It is regulated and supervised by Bank Negara Malaysia under the Development Financial Institution Act 2002.
With a Group Total Assets value of RM29.0 billion (as at 31 December 2023), Bank Pembangunan is well positioned to meet the financing and business development needs of Malaysian businesses.
About Firma Atasan Sdn Bhd (FASB)
Firma Atasan Sdn Bhd (Firma Atasan) is a property development company under Harta Intan Group, committed to delivering high-quality and sustainable housing solutions in Malaysia. Led by its key stakeholders, Firma Atasan focuses on affordable housing projects that align with national housing policies and economic development goals. With a strong emphasis on community-centric development, Firma Atasan integrates essential infrastructure such as educational facilities, elderly care services, and commercial spaces into its projects. The company’s approach combines responsible urban planning, environmental sustainability, and economic inclusivity, ensuring long-term benefits for homeowners and local communities.
About Juru Hills Affordable Housing Project
The Juru Hills Affordable Housing Project is a large-scale development to provide quality affordable homes to buyers in Penang. Phase 1 will focus on Block A, delivering 618 affordable housing units as part of a larger plan for 1,236 units. The project also includes 11 shop offices, a Youth Learning Centre for technical and vocational training, and a Nursing Home with capacity for 94 elderly residents. It is expected to create more than 460 jobs.
The project has a Gross Development Value (GDV) of RM323 million, with homes priced between RM248,000 to 278,000 (State approved selling price). Each apartment unit will come with at least 2 parking spaces (some with 3 parking lots). It follows Green Building Index (GBI) standards for sustainability, with a rainwater harvesting system designed to save 4,880m³ of water annually, a solar energy system generating 248 MWh per year, and a wastewater treatment facility capable of processing 2,069,986m³ of wastewater annually.
For more information, please contact:
Sazu Zulkifli
Corporate Communications
Bank Pembangunan Malaysia Berhad
ym.moc.bmpb@ilfikluz.nnyluzas
+6019-240 9498